Ritholtz Wealth Management acquired a new position in AudioCodes Ltd. (NASDAQ:AUDC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,831 shares of the communications equipment provider’s stock, valued at approximately $215,000.
A number of other institutional investors have also modified their holdings of AUDC. Russell Investments Group Ltd. raised its stake in AudioCodes by 54.7% in the second quarter. Russell Investments Group Ltd. now owns 156,880 shares of the communications equipment provider’s stock valued at $4,966,000 after buying an additional 55,482 shares in the last quarter. Swiss National Bank purchased a new position in shares of AudioCodes during the second quarter worth about $1,599,000. Bank of Montreal Can acquired a new stake in AudioCodes in the second quarter valued at about $38,000. Aigen Investment Management LP lifted its position in AudioCodes by 86.9% in the second quarter. Aigen Investment Management LP now owns 33,877 shares of the communications equipment provider’s stock valued at $1,077,000 after purchasing an additional 15,751 shares during the period. Finally, Raymond James & Associates lifted its position in AudioCodes by 103.8% in the second quarter. Raymond James & Associates now owns 53,544 shares of the communications equipment provider’s stock valued at $1,702,000 after purchasing an additional 27,268 shares during the period. Institutional investors own 43.94% of the company’s stock.
Several research analysts recently issued reports on AUDC shares. Barclays started coverage on AudioCodes in a research report on Wednesday, August 26th. They set an “equal weight” rating and a $37.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $43.00 price target on shares of AudioCodes in a research report on Tuesday, July 28th. BidaskClub upgraded shares of AudioCodes from a “hold” rating to a “buy” rating in a report on Wednesday, September 23rd. BofA Securities assumed coverage on shares of AudioCodes in a report on Tuesday, July 21st. They issued a “buy” rating and a $46.00 price objective on the stock. Finally, Sidoti upgraded shares of AudioCodes from a “neutral” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Wednesday, September 9th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $41.57.
AUDC stock traded down $0.78 during midday trading on Monday, reaching $30.89. The company had a trading volume of 6,745 shares, compared to its average volume of 549,814. The company has a 50 day moving average of $31.61 and a two-hundred day moving average of $32.38. AudioCodes Ltd. has a 1 year low of $9.00 and a 1 year high of $44.94. The company has a market capitalization of $936.48 million, a P/E ratio of 131.96, a PEG ratio of 1.65 and a beta of 0.62.
AudioCodes (NASDAQ:AUDC) last posted its earnings results on Tuesday, July 28th. The communications equipment provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. AudioCodes had a net margin of 3.83% and a return on equity of 21.33%. The business had revenue of $53.52 million for the quarter, compared to analyst estimates of $53.13 million. As a group, equities research analysts predict that AudioCodes Ltd. will post 1.01 EPS for the current year.
AudioCodes Ltd. designs, develops, and sells voice over IP (VoIP), converged VoIP, and data networking solutions, products, and applications for enterprise unified communications, contact centers, service provider business services, mobile VoIP, and cloud virtualized data centers worldwide. The company's products include IP phones, session border controllers (SBC), media gateways, multi-service business routers, huddle room solutions, managed IP Phones, and survivable branch appliances; CloudBond 365, an adaptable solution for the data center, customer premises or the branch; CloudBond 365 CCE appliances; User Management Pack 365, a software management application; VoIP management and routing, a suite of lifecycle applications for large scale cloud or premises-based unified communications deployments.
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