AudioCodes Ltd. (NASDAQ:AUDC) Short Interest Up 20.4% in June

AudioCodes Ltd. (NASDAQ:AUDC) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 136,600 shares, a growth of 20.4% from the June 15th total of 113,500 shares. Based on an average trading volume of 67,100 shares, the days-to-cover ratio is presently 2.0 days. Currently, 0.6% of the company’s shares are short sold.

Institutional Investors Weigh In On AudioCodes

Hedge funds have recently made changes to their positions in the company. Hillsdale Investment Management Inc. bought a new stake in AudioCodes in the first quarter worth $159,000. Quadrature Capital Ltd bought a new stake in shares of AudioCodes during the fourth quarter valued at approximately $166,000. Cornerstone Investment Partners LLC purchased a new position in AudioCodes in the 4th quarter worth approximately $173,000. New York State Common Retirement Fund boosted its stake in AudioCodes by 163.8% during the 4th quarter. New York State Common Retirement Fund now owns 15,828 shares of the communications equipment provider’s stock valued at $191,000 after purchasing an additional 9,827 shares during the last quarter. Finally, Eagle Global Advisors LLC purchased a new position in shares of AudioCodes in the fourth quarter worth $338,000. 68.05% of the stock is currently owned by institutional investors.

AudioCodes Stock Up 1.3 %

Shares of AUDC traded up $0.14 during trading hours on Monday, reaching $11.22. 549,180 shares of the company traded hands, compared to its average volume of 79,595. AudioCodes has a 12 month low of $7.14 and a 12 month high of $14.45. The company’s fifty day moving average price is $10.20 and its two-hundred day moving average price is $11.60. The company has a market capitalization of $340.19 million, a price-to-earnings ratio of 30.78 and a beta of 0.88.

AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings data on Tuesday, May 7th. The communications equipment provider reported $0.12 EPS for the quarter, topping the consensus estimate of $0.10 by $0.02. AudioCodes had a net margin of 4.50% and a return on equity of 9.66%. The business had revenue of $60.08 million during the quarter, compared to analyst estimates of $62.66 million. On average, analysts expect that AudioCodes will post 0.66 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays decreased their target price on shares of AudioCodes from $12.00 to $10.00 and set an “underweight” rating on the stock in a research note on Wednesday, May 8th. Needham & Company LLC dropped their target price on shares of AudioCodes from $18.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, May 9th. Finally, StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 30th.

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.