Needham & Company LLC Reaffirms Buy Rating for AudioCodes (NASDAQ:AUDC)

AudioCodes (NASDAQ:AUDC)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $11.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price points to a potential upside of 0.92% from the stock’s current price.

Several other analysts have also weighed in on AUDC. Barclays reduced their price objective on AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th. StockNews.com raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th.

AudioCodes Price Performance

Shares of AUDC opened at $10.90 on Tuesday. The firm has a 50 day simple moving average of $9.51 and a two-hundred day simple moving average of $9.83. AudioCodes has a one year low of $7.70 and a one year high of $14.45. The company has a market cap of $329.40 million, a P/E ratio of 27.25 and a beta of 0.81.

Institutional Trading of AudioCodes

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in AudioCodes by 151.8% during the 4th quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider’s stock worth $35,000 after buying an additional 2,185 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of AudioCodes by 11.3% during the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after purchasing an additional 5,389 shares during the period. Marshall Wace LLP grew its stake in shares of AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after purchasing an additional 7,009 shares during the last quarter. DGS Capital Management LLC increased its holdings in AudioCodes by 72.8% in the third quarter. DGS Capital Management LLC now owns 21,672 shares of the communications equipment provider’s stock valued at $211,000 after purchasing an additional 9,133 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in AudioCodes by 11.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock worth $893,000 after purchasing an additional 9,150 shares during the last quarter. 68.05% of the stock is owned by institutional investors and hedge funds.

AudioCodes Company Profile

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.