AudioCodes Ltd. (NASDAQ:AUDC) Sees Significant Drop in Short Interest

AudioCodes Ltd. (NASDAQ:AUDCGet Rating) was the recipient of a significant decline in short interest in April. As of April 30th, there was short interest totalling 152,700 shares, a decline of 14.9% from the April 15th total of 179,500 shares. Based on an average daily volume of 101,000 shares, the short-interest ratio is presently 1.5 days. Approximately 0.6% of the company’s stock are short sold.

Several hedge funds and other institutional investors have recently bought and sold shares of AUDC. Covestor Ltd purchased a new stake in AudioCodes in the fourth quarter valued at $41,000. BlackRock Inc. acquired a new stake in shares of AudioCodes during the first quarter worth about $42,000. Lazard Asset Management LLC purchased a new stake in shares of AudioCodes in the 1st quarter valued at about $45,000. Meritage Portfolio Management acquired a new stake in shares of AudioCodes in the 4th quarter valued at about $227,000. Finally, LPL Financial LLC boosted its position in shares of AudioCodes by 6.9% in the 4th quarter. LPL Financial LLC now owns 7,441 shares of the communications equipment provider’s stock valued at $259,000 after purchasing an additional 479 shares during the period. 51.35% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have issued reports on AUDC shares. Bank of America lowered shares of AudioCodes from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $38.00 to $25.00 in a report on Monday, May 2nd. Needham & Company LLC lowered their target price on AudioCodes from $40.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, February 2nd. Sidoti raised AudioCodes from a “neutral” rating to a “buy” rating and set a $37.00 price target on the stock in a research report on Monday, January 31st. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 12th. Finally, Zacks Investment Research cut shares of AudioCodes from a “hold” rating to a “sell” rating in a report on Monday, May 9th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, AudioCodes has an average rating of “Hold” and a consensus price target of $32.20.

AUDC opened at $22.00 on Wednesday. AudioCodes has a one year low of $19.62 and a one year high of $37.35. The company has a market cap of $699.12 million, a P/E ratio of 22.92, a PEG ratio of 2.22 and a beta of 0.64. The business’s 50-day simple moving average is $24.56 and its 200-day simple moving average is $29.58.

AudioCodes (NASDAQ:AUDCGet Rating) last announced its quarterly earnings results on Sunday, May 1st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.08. AudioCodes had a return on equity of 18.19% and a net margin of 12.62%. During the same period in the prior year, the business earned $0.28 earnings per share. Analysts forecast that AudioCodes will post 1.05 EPS for the current year.

AudioCodes Company Profile (Get Rating)

AudioCodes Ltd., together with its subsidiaries, provides advanced communications software, products, and productivity solutions for the digital workplace. It offers solutions, products, and applications for enterprise unified communications environments, work-from-home agents and contact centers, voice and telephony AI-based applications, and service provider business services.

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