StockNews.com Initiates Coverage on AudioCodes (NASDAQ:AUDC)

StockNews.com initiated coverage on shares of AudioCodes (NASDAQ:AUDC – Get Rating) in a report published on Thursday. The brokerage issued a buy rating on the communications equipment provider’s stock.

Other analysts have also issued research reports about the stock. Barclays lowered their target price on shares of AudioCodes from $17.00 to $9.00 in a report on Wednesday, May 10th. Jefferies Financial Group lowered their target price on shares of AudioCodes from $18.00 to $10.00 in a report on Tuesday, May 9th. Needham & Company LLC reaffirmed a buy rating and set a $23.00 target price on shares of AudioCodes in a report on Tuesday, April 11th. Finally, Bank of America lowered shares of AudioCodes from a neutral rating to an underperform rating and lowered their target price for the stock from $22.00 to $9.50 in a report on Wednesday, April 12th. Two investment analysts have rated the stock with a sell rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $12.88.

AudioCodes Price Performance

Shares of AudioCodes stock opened at $8.74 on Thursday. The firm has a 50 day simple moving average of $11.72 and a 200 day simple moving average of $15.95. AudioCodes has a fifty-two week low of $8.05 and a fifty-two week high of $24.58. The firm has a market cap of $276.97 million, a P/E ratio of 14.57 and a beta of 0.58.

Institutional Investors Weigh In On AudioCodes

Institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Management Inc. acquired a new stake in AudioCodes in the 1st quarter valued at $25,000. BlackRock Inc. acquired a new position in shares of AudioCodes during the 1st quarter worth about $42,000. Lazard Asset Management LLC acquired a new position in shares of AudioCodes during the 1st quarter worth about $45,000. Godsey & Gibb Inc. acquired a new position in shares of AudioCodes during the 4th quarter worth about $36,000. Finally, Deutsche Bank AG acquired a new position in AudioCodes in the 4th quarter valued at about $52,000. 44.42% of the stock is owned by institutional investors.

AudioCodes Company Profile

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AudioCodes Ltd. engages in the provision of communications software, products and productivity solutions for the digital workplace. The firm is involved in the development, manufacture, and market of products for transferring voice and data over the internet. Its products include products for Microsoft 365, session border controllers, multi-service business routers, meeting rooms, internet protocol phones, digital and analog media gateways, management products and solutions, and voice applications.