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

AudioCodes (NASDAQ:AUDC) was downgraded by research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $11.00 price target on shares of AudioCodes in a report on Tuesday, January 21st. Barclays cut their price target on AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Thursday, November 7th.

AudioCodes Trading Down 1.4 %

NASDAQ:AUDC traded down $0.15 on Tuesday, reaching $10.22. 86,391 shares of the stock traded hands, compared to its average volume of 102,670. The company has a market capitalization of $308.85 million, a price-to-earnings ratio of 25.55 and a beta of 0.81. AudioCodes has a 12 month low of $7.70 and a 12 month high of $14.45. The company’s fifty day simple moving average is $9.74 and its 200 day simple moving average is $9.82.

Hedge Funds Weigh In On AudioCodes

Institutional investors and hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new stake in AudioCodes in the 2nd quarter worth $143,000. Marshall Wace LLP boosted its stake in shares of 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. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes during the third quarter worth about $1,618,000. Connor Clark & Lunn Investment Management Ltd. raised its stake 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 valued at $893,000 after purchasing an additional 9,150 shares during the period. Finally, Senvest Management LLC lifted its holdings in AudioCodes by 1.5% in the 3rd quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock worth $25,108,000 after purchasing an additional 37,080 shares in the last quarter. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

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.