AudioCodes (NASDAQ:AUDC) Price Target Cut to $9.00 by Analysts at Barclays

AudioCodes (NASDAQ:AUDC) had its price target decreased by Barclays from $10.00 to $9.00 in a research report report published on Thursday morning,Benzinga reports. Barclays currently has an underweight rating on the communications equipment provider’s stock.

Several other research firms also recently weighed in on AUDC. Needham & Company LLC reissued a “buy” rating and issued a $14.00 target price on shares of AudioCodes in a research report on Wednesday, July 31st. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, September 11th.

AudioCodes Stock Down 2.5 %

Shares of NASDAQ:AUDC traded down $0.21 on Thursday, reaching $8.14. 83,012 shares of the company’s stock were exchanged, compared to its average volume of 78,525. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45. The business’s 50-day moving average is $9.48 and its two-hundred day moving average is $10.13. The firm has a market capitalization of $245.97 million, a price-to-earnings ratio of 20.60 and a beta of 0.86.

Institutional Investors Weigh In On AudioCodes

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new position in AudioCodes during the third quarter valued at approximately $1,618,000. Y.D. More Investments Ltd acquired a new position in shares of AudioCodes during the 2nd quarter worth $1,123,000. BNP Paribas Financial Markets raised its holdings in shares of AudioCodes by 15.3% during the 1st quarter. BNP Paribas Financial Markets now owns 94,563 shares of the communications equipment provider’s stock worth $1,233,000 after buying an additional 12,541 shares in the last quarter. Marshall Wace LLP lifted its position in shares of AudioCodes by 37.5% during the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after buying an additional 7,009 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in AudioCodes by 11.3% in the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock valued at $551,000 after buying an additional 5,389 shares in the last quarter. 68.05% of the stock is currently 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.