Zacks Investment Research upgraded shares of AudioCodes Ltd. (NASDAQ:AUDC) from a hold rating to a buy rating in a research report released on Friday morning. They currently have $7.50 target price on the communications equipment provider’s stock.
According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “
Several other research analysts have also recently issued reports on AUDC. TheStreet cut shares of AudioCodes from a b- rating to a c+ rating in a report on Wednesday, June 28th. Northland Securities set a $7.00 target price on shares of AudioCodes and gave the stock a hold rating in a report on Tuesday, July 4th. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $7.50.
Shares of AudioCodes (NASDAQ:AUDC) traded up 1.62% during midday trading on Friday, hitting $6.88. 47,787 shares of the stock were exchanged. The firm’s 50-day moving average is $6.77 and its 200-day moving average is $6.61. AudioCodes has a 12 month low of $5.07 and a 12 month high of $7.26. The stock has a market cap of $217.38 million, a price-to-earnings ratio of 12.79 and a beta of 0.61.
AudioCodes (NASDAQ:AUDC) last issued its earnings results on Wednesday, July 26th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.08. AudioCodes had a net margin of 11.95% and a return on equity of 7.78%. The firm had revenue of $38.70 million during the quarter, compared to analysts’ expectations of $38.23 million. During the same quarter last year, the company posted $0.06 earnings per share. The firm’s revenue was up 7.8% compared to the same quarter last year. Equities research analysts predict that AudioCodes will post $0.35 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in AUDC. Campbell & CO Investment Adviser LLC grew its position in AudioCodes by 138.5% during the second quarter. Campbell & CO Investment Adviser LLC now owns 26,960 shares of the communications equipment provider’s stock valued at $161,000 after buying an additional 15,654 shares during the period. O Shaughnessy Asset Management LLC grew its position in AudioCodes by 48.2% during the first quarter. O Shaughnessy Asset Management LLC now owns 28,306 shares of the communications equipment provider’s stock valued at $198,000 after buying an additional 9,201 shares during the period. Russell Investments Group Ltd. acquired a new stake in AudioCodes during the first quarter valued at $202,000. Royal Bank of Canada grew its position in AudioCodes by 3.6% during the second quarter. Royal Bank of Canada now owns 34,499 shares of the communications equipment provider’s stock valued at $207,000 after buying an additional 1,200 shares during the period. Finally, First Trust Advisors LP grew its position in AudioCodes by 113.8% during the first quarter. First Trust Advisors LP now owns 40,963 shares of the communications equipment provider’s stock valued at $287,000 after buying an additional 21,807 shares during the period. Institutional investors own 22.05% of the company’s stock.
AudioCodes Company Profile
AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.
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