AudioCodes (NASDAQ:AUDC) Shares Gap Down on Analyst Downgrade

AudioCodes Ltd. (NASDAQ:AUDCGet Rating)’s stock price gapped down prior to trading on Tuesday after Jefferies Financial Group lowered their price target on the stock from $24.00 to $22.00. The stock had previously closed at $24.05, but opened at $23.17. AudioCodes shares last traded at $22.13, with a volume of 1,706 shares trading hands.

Several other brokerages also recently issued reports on AUDC. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Monday, May 30th. Barclays reduced their price objective on AudioCodes from $28.00 to $24.00 and set an “underweight” rating for the company in a research note on Tuesday, April 26th. Finally, Bank of America downgraded AudioCodes from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $38.00 to $25.00 in a research note on Monday, May 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.00.

Institutional Investors Weigh In On AudioCodes

A number of hedge funds and other institutional investors have recently made changes to their positions in AUDC. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of AudioCodes by 329.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,048,080 shares of the communications equipment provider’s stock worth $5,125,000 after purchasing an additional 803,772 shares in the last quarter. Global Alpha Capital Management Ltd. raised its stake in shares of AudioCodes by 30.0% during the 4th quarter. Global Alpha Capital Management Ltd. now owns 1,602,398 shares of the communications equipment provider’s stock worth $55,957,000 after purchasing an additional 369,380 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of AudioCodes during the 1st quarter worth about $6,208,000. Lapides Asset Management LLC purchased a new stake in shares of AudioCodes during the 1st quarter worth about $3,901,000. Finally, Meitav Dash Investments Ltd. increased its holdings in shares of AudioCodes by 14.4% during the 4th quarter. Meitav Dash Investments Ltd. now owns 885,650 shares of the communications equipment provider’s stock valued at $30,807,000 after acquiring an additional 111,608 shares during the last quarter. 51.35% of the stock is owned by hedge funds and other institutional investors.

AudioCodes Trading Down 2.9 %

The firm has a market cap of $689.26 million, a price-to-earnings ratio of 22.59, a price-to-earnings-growth ratio of 2.59 and a beta of 0.65. The stock has a fifty day moving average price of $22.66 and a 200 day moving average price of $24.81.

AudioCodes (NASDAQ:AUDCGet Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The communications equipment provider reported $0.34 EPS for the quarter, meeting analysts’ consensus estimates of $0.34. AudioCodes had a return on equity of 18.19% and a net margin of 12.62%. During the same quarter last year, the business posted $0.29 EPS. On average, sell-side analysts forecast that AudioCodes Ltd. will post 1.05 EPS for the current year.

AudioCodes Dividend Announcement

The business also recently disclosed a Semi-Annual dividend, which will be paid on Wednesday, August 31st. Stockholders of record on Wednesday, August 17th will be issued a dividend of $0.18 per share. This represents a dividend yield of 1.7%. The ex-dividend date is Tuesday, August 16th. AudioCodes’s dividend payout ratio is 37.50%.

About AudioCodes

(Get Rating)

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace. The company offers solutions, products, and services for unified communications, contact centers, VoiceAI business line, and service provider business. 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.

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