Russell Investments Group Ltd. Has $1 Million Stock Position in AudioCodes Ltd. (NASDAQ:AUDC)

Russell Investments Group Ltd. cut its stake in AudioCodes Ltd. (NASDAQ:AUDC – Get Rating) by 24.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,925 shares of the communications equipment provider’s stock after selling 17,802 shares during the period. Russell Investments Group Ltd. owned approximately 0.18% of AudioCodes worth $1,000,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AUDC. JPMorgan Chase & Co. increased its holdings in AudioCodes by 13.0% during the 1st quarter. JPMorgan Chase & Co. now owns 139,731 shares of the communications equipment provider’s stock valued at $3,571,000 after purchasing an additional 16,025 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in AudioCodes by 9.6% during the first quarter. Bank of New York Mellon Corp now owns 16,890 shares of the communications equipment provider’s stock worth $432,000 after acquiring an additional 1,486 shares in the last quarter. BlackRock Inc. bought a new position in AudioCodes during the first quarter worth about $42,000. Dimensional Fund Advisors LP lifted its holdings in AudioCodes by 9.8% during the first quarter. Dimensional Fund Advisors LP now owns 188,486 shares of the communications equipment provider’s stock worth $4,816,000 after acquiring an additional 16,889 shares in the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of AudioCodes in the first quarter valued at about $6,208,000. Institutional investors own 44.42% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Bank of America cut shares of AudioCodes from a “neutral” rating to an “underperform” rating and cut their price target for the stock from $22.00 to $9.50 in a research report on Wednesday, April 12th. Jefferies Financial Group dropped their price objective on AudioCodes from $18.00 to $10.00 in a report on Tuesday, May 9th. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of AudioCodes in a report on Tuesday, April 11th. StockNews.com assumed coverage on shares of AudioCodes in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Finally, Barclays cut their price target on AudioCodes from $17.00 to $9.00 in a research note on Wednesday, May 10th. Two equities research analysts have rated the stock with a sell rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, AudioCodes currently has an average rating of “Hold” and an average price target of $12.88.

AudioCodes Trading Up 2.0 %

Shares of AudioCodes stock opened at $8.58 on Friday. The firm has a market capitalization of $271.90 million, a PE ratio of 14.30, a price-to-earnings-growth ratio of 11.29 and a beta of 0.58. The business’s 50-day moving average price is $11.38 and its 200-day moving average price is $15.76. AudioCodes Ltd. has a 12 month low of $8.05 and a 12 month high of $24.58.

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.