AudioCodes (NASDAQ:AUDC) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of AudioCodes (NASDAQ:AUDC) in a report published on Wednesday morning,Benzinga reports. They currently have a $12.50 price target on the communications equipment provider’s stock.

Other analysts also recently issued research reports about the company. Barclays raised their price objective on AudioCodes from $9.00 to $10.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 5th. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Saturday, April 26th.

AudioCodes Trading Up 2.3 %

AUDC opened at $8.63 on Wednesday. AudioCodes has a 1-year low of $7.70 and a 1-year high of $12.72. The business has a 50 day moving average of $9.41 and a 200-day moving average of $9.77. The stock has a market capitalization of $256.14 million, a price-to-earnings ratio of 17.26 and a beta of 0.94.

AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings results on Tuesday, February 4th. The communications equipment provider reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.09. AudioCodes had a net margin of 6.32% and a return on equity of 10.47%. Equities analysts predict that AudioCodes will post 0.7 EPS for the current year.

Institutional Investors Weigh In On AudioCodes

Several large investors have recently modified their holdings of the stock. Blue Trust Inc. lifted its position in shares of AudioCodes by 151.8% during the 4th quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider’s stock worth $35,000 after buying an additional 2,185 shares during the period. R Squared Ltd acquired a new position in AudioCodes during the fourth quarter worth $97,000. Norges Bank bought a new position in shares of AudioCodes during the fourth quarter valued at $120,000. Jane Street Group LLC acquired a new stake in shares of AudioCodes in the 4th quarter valued at $406,000. Finally, Bank of New York Mellon Corp grew its holdings in shares of AudioCodes by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 52,309 shares of the communications equipment provider’s stock worth $509,000 after purchasing an additional 1,419 shares during the last quarter. 68.05% of the stock is currently owned by 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.