Zacks Investment Research Upgrades AudioCodes Ltd. (AUDC) to Buy

Zacks Investment Research upgraded shares of AudioCodes Ltd. (NASDAQ:AUDC) from a hold rating to a buy rating in a research report sent to investors on Friday morning. They currently have $7.50 price target on the communications equipment provider’s stock.

According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “

Several other research analysts have also weighed in on the company. TheStreet lowered AudioCodes from a b- rating to a c+ rating in a research report on Wednesday, June 28th. Northland Securities set a $7.00 target price on AudioCodes and gave the stock a hold rating in a research report on Tuesday, July 4th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. AudioCodes presently has an average rating of Buy and a consensus price target of $7.50.

Shares of AudioCodes (AUDC) opened at 6.94 on Friday. The firm has a 50-day moving average price of $6.77 and a 200-day moving average price of $6.61. AudioCodes has a 52-week low of $5.07 and a 52-week high of $7.26. The stock has a market cap of $219.28 million, a P/E ratio of 12.90 and a beta of 0.61.

AudioCodes (NASDAQ:AUDC) last posted its quarterly earnings data on Wednesday, July 26th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.08. AudioCodes had a return on equity of 7.78% and a net margin of 11.95%. The business had revenue of $38.70 million for the quarter, compared to analysts’ expectations of $38.23 million. During the same quarter last year, the firm earned $0.06 earnings per share. The business’s revenue was up 7.8% on a year-over-year basis. On average, analysts anticipate that AudioCodes will post $0.35 EPS for the current fiscal year.

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Several institutional investors and hedge funds have recently modified their holdings of the stock. Morgan Stanley raised its position in shares of AudioCodes by 13.6% in the 1st quarter. Morgan Stanley now owns 1,505,906 shares of the communications equipment provider’s stock worth $10,556,000 after buying an additional 180,860 shares during the period. Acadian Asset Management LLC raised its position in shares of AudioCodes by 8.9% in the 2nd quarter. Acadian Asset Management LLC now owns 694,228 shares of the communications equipment provider’s stock worth $4,157,000 after buying an additional 56,674 shares during the period. State of Tennessee Treasury Department raised its position in shares of AudioCodes by 10.6% in the 2nd quarter. State of Tennessee Treasury Department now owns 128,426 shares of the communications equipment provider’s stock worth $769,000 after buying an additional 12,324 shares during the period. ClariVest Asset Management LLC raised its position in shares of AudioCodes by 8.5% in the 2nd quarter. ClariVest Asset Management LLC now owns 93,510 shares of the communications equipment provider’s stock worth $561,000 after buying an additional 7,300 shares during the period. Finally, Menta Capital LLC raised its position in shares of AudioCodes by 5.4% in the 2nd quarter. Menta Capital LLC now owns 57,048 shares of the communications equipment provider’s stock worth $342,000 after buying an additional 2,900 shares during the period. 22.01% of the stock is currently owned by institutional investors and hedge funds.

AudioCodes Company Profile

AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.

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