AudioCodes (NASDAQ:AUDC) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of AudioCodes Ltd. (NASDAQ:AUDC) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.67 and traded as high as $10.06. AudioCodes shares last traded at $10.04, with a volume of 135,460 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of “Hold”.

AudioCodes Stock Performance

The firm has a market capitalization of $258.83 million, a price-to-earnings ratio of 40.68 and a beta of 0.96. The business’s 50-day moving average is $9.25 and its two-hundred day moving average is $8.68.

AudioCodes (NASDAQ:AUDC) last released its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.02). AudioCodes had a return on equity of 6.33% and a net margin of 2.79%.The firm had revenue of $62.14 million for the quarter, compared to the consensus estimate of $61.50 million.

Hedge Funds Weigh In On AudioCodes

Institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in shares of AudioCodes by 49.5% in the 1st quarter. NewEdge Advisors LLC now owns 25,607 shares of the communications equipment provider’s stock valued at $215,000 after buying an additional 8,475 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in AudioCodes by 12.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider’s stock worth $6,209,000 after buying an additional 82,016 shares during the period. Heartland Advisors Inc. lifted its holdings in AudioCodes by 15.8% during the first quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider’s stock worth $8,122,000 after acquiring an additional 131,934 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in AudioCodes by 9.0% during the first quarter. Bank of New York Mellon Corp now owns 85,398 shares of the communications equipment provider’s stock worth $718,000 after acquiring an additional 7,019 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in AudioCodes in the first quarter valued at about $1,238,000. Institutional investors and hedge funds own 68.05% of the company’s stock.

AudioCodes Company Profile

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.