AudioCodes (NASDAQ:AUDC) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of AudioCodes (NASDAQ:AUDC) in a report released on Tuesday morning,Benzinga reports. The firm currently has a $11.00 price objective on the communications equipment provider’s stock.

Other research analysts also recently issued research reports about the stock. Barclays decreased their price objective on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Thursday, November 7th. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th.

AudioCodes Price Performance

NASDAQ:AUDC opened at $11.07 on Tuesday. The company has a 50 day moving average price of $9.46 and a 200-day moving average price of $9.83. AudioCodes has a 1-year low of $7.70 and a 1-year high of $14.45. The firm has a market cap of $334.54 million, a price-to-earnings ratio of 27.68 and a beta of 0.81.

Hedge Funds Weigh In On AudioCodes

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in shares of AudioCodes by 11.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after purchasing an additional 5,389 shares during the last quarter. XTX Topco Ltd purchased a new stake in AudioCodes during the 2nd quarter worth approximately $143,000. Marshall Wace LLP raised its holdings in shares of AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 7,009 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of AudioCodes in the third quarter valued at approximately $1,618,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of AudioCodes by 11.1% in the third 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 during the last quarter. 68.05% of the stock is currently owned by institutional investors and hedge funds.

AudioCodes Company Profile

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.