AudioCodes (NASDAQ:AUDC) Stock Rating Lowered by Wall Street Zen

AudioCodes (NASDAQ:AUDC) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Saturday.

Separately, Needham & Company LLC reiterated a “buy” rating and issued a $12.50 target price on shares of AudioCodes in a report on Wednesday, May 7th.

AudioCodes Price Performance

Shares of AUDC opened at $9.29 on Friday. AudioCodes has a one year low of $7.70 and a one year high of $12.72. The company has a 50-day moving average of $9.27 and a two-hundred day moving average of $9.85. The stock has a market cap of $275.73 million, a price-to-earnings ratio of 16.59 and a beta of 0.89.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AUDC. Norges Bank purchased a new stake in shares of AudioCodes in the fourth quarter worth approximately $120,000. Cubist Systematic Strategies LLC lifted its position in shares of AudioCodes by 56.0% in the first quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock worth $185,000 after purchasing an additional 7,052 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of AudioCodes in the fourth quarter worth approximately $406,000. Goldman Sachs Group Inc. purchased a new stake in shares of AudioCodes in the first quarter worth approximately $412,000. Finally, Bank of New York Mellon Corp lifted its position in shares of AudioCodes by 2.8% in the fourth 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 in the last quarter. 68.05% of the stock is currently owned by institutional investors and hedge funds.

About AudioCodes

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.