AudioCodes (NASDAQ:AUDC) Rating Lowered to “Buy” at StockNews.com

AudioCodes (NASDAQ:AUDC) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Several other equities analysts also recently commented on AUDC. Needham & Company LLC cut their price objective on AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday. Barclays cut their price target on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Thursday.

AudioCodes Price Performance

Shares of NASDAQ:AUDC opened at $8.12 on Thursday. The firm has a market capitalization of $245.36 million, a PE ratio of 20.30 and a beta of 0.86. The business has a 50 day simple moving average of $9.43 and a two-hundred day simple moving average of $10.11. AudioCodes has a 1 year low of $7.70 and a 1 year high of $14.45.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quadrature Capital Ltd lifted its holdings in shares of AudioCodes by 26.8% in the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock worth $228,000 after buying an additional 3,691 shares during the period. Bank of New York Mellon Corp lifted its stake in AudioCodes by 11.3% in the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after acquiring an additional 5,389 shares during the period. Marshall Wace LLP lifted its stake in AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after acquiring an additional 7,009 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in AudioCodes by 11.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock worth $893,000 after acquiring an additional 9,150 shares in the last quarter. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of AudioCodes in the 1st quarter valued at about $159,000. Institutional investors own 68.05% of the company’s stock.

About AudioCodes

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace worldwide. The company offers solutions, products, and services for unified communications, contact centers, hosted business services, Voice.AI, and service provider businesses. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services.