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

StockNews.com assumed coverage on shares of AudioCodes (NASDAQ:AUDC – Get Rating) in a research note released on Thursday. The firm issued a buy rating on the communications equipment provider’s stock.

A number of other equities analysts have also recently weighed in on AUDC. Bank of America cut shares of AudioCodes from a neutral rating to an underperform rating and decreased their price objective for the company from $22.00 to $9.50 in a research report on Wednesday, April 12th. Barclays decreased their price objective on shares of AudioCodes from $17.00 to $9.00 in a research report on Wednesday, May 10th. Jefferies Financial Group decreased their price objective on shares of AudioCodes from $18.00 to $10.00 in a research report on Tuesday, May 9th. Finally, Needham & Company LLC restated a buy rating and issued a $23.00 target price on shares of AudioCodes in a research note on Tuesday, April 11th. Two investment analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $12.88.

AudioCodes Trading Up 1.6 %

Shares of AudioCodes stock opened at $8.74 on Thursday. The company has a fifty day moving average price of $11.72 and a 200 day moving average price of $15.95. AudioCodes has a twelve month low of $8.05 and a twelve month high of $24.58. The stock has a market cap of $276.97 million, a price-to-earnings ratio of 14.57 and a beta of 0.58.

Institutional Investors Weigh In On AudioCodes

A number of institutional investors have recently added to or reduced their stakes in the company. Global Alpha Capital Management Ltd. lifted its position in AudioCodes by 7.4% in the first quarter. Global Alpha Capital Management Ltd. now owns 2,160,758 shares of the communications equipment provider’s stock worth $31,871,000 after purchasing an additional 148,334 shares during the period. William Blair Investment Management LLC lifted its position in shares of AudioCodes by 0.7% during the 1st quarter. William Blair Investment Management LLC now owns 1,511,469 shares of the communications equipment provider’s stock valued at $22,793,000 after acquiring an additional 9,950 shares during the last quarter. Copeland Capital Management LLC lifted its position in shares of AudioCodes by 12.3% during the 1st quarter. Copeland Capital Management LLC now owns 1,245,629 shares of the communications equipment provider’s stock valued at $18,784,000 after acquiring an additional 136,195 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of AudioCodes by 23.5% during the 1st quarter. Acadian Asset Management LLC now owns 843,110 shares of the communications equipment provider’s stock valued at $12,691,000 after acquiring an additional 160,181 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of AudioCodes by 6.4% during the 3rd quarter. Vanguard Group Inc. now owns 799,377 shares of the communications equipment provider’s stock valued at $17,434,000 after acquiring an additional 48,250 shares during the last quarter. 44.42% of the stock is currently owned by institutional investors and hedge funds.

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.