AudioCodes (NASDAQ:AUDC) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

AudioCodes Ltd. (NASDAQ:AUDC)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.63 and traded as high as $9.41. AudioCodes shares last traded at $9.07, with a volume of 55,409 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen cut shares of AudioCodes from a “strong-buy” rating to a “buy” rating in a report on Saturday, February 7th. Weiss Ratings reissued a “hold (c)” rating on shares of AudioCodes in a report on Monday, December 29th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.50.

AudioCodes Stock Performance

The firm has a market cap of $245.71 million, a price-to-earnings ratio of 29.26 and a beta of 0.97. The business has a fifty day moving average of $8.26 and a two-hundred day moving average of $8.63.

AudioCodes (NASDAQ:AUDC) last posted its earnings results on Wednesday, February 4th. The communications equipment provider reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. The company had revenue of $62.61 million for the quarter, compared to the consensus estimate of $62.00 million. AudioCodes had a return on equity of 6.46% and a net margin of 3.65%.

AudioCodes Dividend Announcement

The firm also recently announced a dividend, which was paid on Friday, March 6th. Shareholders of record on Friday, February 20th were given a dividend of $0.20 per share. The ex-dividend date was Friday, February 20th. This represents a yield of 552.0%. AudioCodes’s payout ratio is presently 129.03%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Cubist Systematic Strategies LLC lifted its stake in AudioCodes by 56.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after buying an additional 7,052 shares in the last quarter. Goldman Sachs Group Inc. purchased a new position in AudioCodes during the first quarter worth $412,000. Jane Street Group LLC increased its position in AudioCodes by 14.2% during the first quarter. Jane Street Group LLC now owns 47,624 shares of the communications equipment provider’s stock worth $449,000 after buying an additional 5,938 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of AudioCodes by 38.3% in the second quarter. JPMorgan Chase & Co. now owns 39,306 shares of the communications equipment provider’s stock worth $386,000 after acquiring an additional 10,877 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of AudioCodes by 12.3% in the second quarter. Marshall Wace LLP now owns 179,371 shares of the communications equipment provider’s stock valued at $1,761,000 after acquiring an additional 19,629 shares in the last quarter. 68.05% of the stock is owned by hedge funds and other institutional investors.

About AudioCodes

AudioCodes Ltd is a global provider of advanced voice networking and media processing solutions for enterprises and service providers. The company designs and manufactures a comprehensive portfolio of products, including session border controllers (SBCs), media gateways, IP phones, management and monitoring software, and cloud-based communications microservices. Its offerings support a wide range of unified communications (UC) and contact center deployments, enabling secure, high-quality voice connectivity across on-premises, hybrid and cloud environments.

Founded in 1993 and headquartered in Rosh Ha’Ayin, Israel, AudioCodes serves customers in North America, Europe, Asia-Pacific and Latin America.