Barclays Cuts AudioCodes (NASDAQ:AUDC) Price Target to $9.00

AudioCodes (NASDAQ:AUDC) had its price target lowered by Barclays from $10.00 to $9.00 in a report released on Thursday,Benzinga reports. Barclays currently has an underweight rating on the communications equipment provider’s stock.

A number of other equities research analysts have also weighed in on AUDC. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of AudioCodes in a research note on Wednesday, July 31st. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 11th.

AudioCodes Stock Down 2.8 %

Shares of NASDAQ AUDC opened at $8.12 on Thursday. The firm’s 50-day moving average price is $9.43 and its 200-day moving average price is $10.11. AudioCodes has a 52-week low of $7.70 and a 52-week high of $14.45. The company has a market cap of $245.39 million, a PE ratio of 20.30 and a beta of 0.86.

Institutional Investors Weigh In On AudioCodes

Hedge funds have recently modified their holdings of the business. Hillsdale Investment Management Inc. purchased a new position in AudioCodes during the first quarter valued at $159,000. XTX Topco Ltd bought a new position in shares of AudioCodes in the second quarter worth about $143,000. Quadrature Capital Ltd lifted its position in shares of AudioCodes by 26.8% during the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock valued at $228,000 after buying an additional 3,691 shares in the last quarter. Marshall Wace LLP grew its stake in shares of AudioCodes by 37.5% during the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 7,009 shares during the period. Finally, Tidal Investments LLC purchased a new stake in AudioCodes in the 1st quarter worth approximately $340,000. Institutional investors own 68.05% of the company’s stock.

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.