AudioCodes (NASDAQ:AUDC) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

AudioCodes (NASDAQ:AUDC) had its price objective increased by Needham & Company LLC from $11.00 to $12.50 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 1.05% from the company’s previous close.

A number of other analysts have also recently commented on AUDC. Barclays lifted their price target on AudioCodes from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Wednesday. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Wednesday.

AudioCodes Price Performance

Shares of AUDC stock opened at $12.37 on Wednesday. AudioCodes has a 1-year low of $7.70 and a 1-year high of $14.45. The stock’s fifty day moving average price is $9.91 and its 200 day moving average price is $9.81. The company has a market cap of $373.82 million, a price-to-earnings ratio of 30.93 and a beta of 0.80.

AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings results on Tuesday, February 4th. The communications equipment provider reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.09. AudioCodes had a return on equity of 8.85% and a net margin of 4.99%. As a group, equities research analysts anticipate that AudioCodes will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On AudioCodes

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Trust Inc. lifted its holdings in shares of AudioCodes by 151.8% in the 4th quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider’s stock valued at $35,000 after buying an additional 2,185 shares during the period. R Squared Ltd acquired a new position in shares of AudioCodes in the 4th quarter valued at about $97,000. DGS Capital Management LLC raised its holdings in AudioCodes by 72.8% in the 3rd quarter. DGS Capital Management LLC now owns 21,672 shares of the communications equipment provider’s stock worth $211,000 after purchasing an additional 9,133 shares during the period. Marshall Wace LLP boosted its position in AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after purchasing an additional 7,009 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in AudioCodes by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 52,309 shares of the communications equipment provider’s stock worth $509,000 after purchasing an additional 1,419 shares in the last quarter. Institutional investors and hedge funds own 68.05% of the company’s stock.

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.