Needham & Company LLC Reiterates Buy Rating for AudioCodes (NASDAQ:AUDC)

AudioCodes (NASDAQ:AUDCGet Free Report)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Tuesday,Benzinga reports. They currently have a $11.00 price target on the communications equipment provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 0.92% from the company’s current price.

A number of other research analysts also recently issued reports on the stock. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Monday, December 16th. Barclays dropped their price objective on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Thursday, November 7th.

Check Out Our Latest Stock Report on AUDC

AudioCodes Price Performance

NASDAQ AUDC opened at $10.90 on Tuesday. The stock has a market capitalization of $329.40 million, a P/E ratio of 27.25 and a beta of 0.81. The business has a 50 day simple moving average of $9.51 and a 200 day simple moving average of $9.83. AudioCodes has a one year low of $7.70 and a one year high of $14.45.

Institutional Trading of AudioCodes

Hedge funds and other institutional investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new position in shares of AudioCodes during the third quarter valued at about $1,618,000. Public Employees Retirement System of Ohio bought a new stake in AudioCodes during the 3rd quarter worth approximately $595,000. Marshall Wace LLP raised its position in AudioCodes by 37.5% in the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after buying an additional 7,009 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of AudioCodes by 11.3% during the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock valued at $551,000 after purchasing an additional 5,389 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in shares of AudioCodes by 11.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after acquiring an additional 9,150 shares during the last quarter. Institutional investors own 68.05% of the company’s stock.

About AudioCodes

(Get Free Report)

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.

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