Needham & Company LLC Issues Positive Forecast for AudioCodes (NASDAQ:AUDC) Stock Price

AudioCodes (NASDAQ:AUDC) had its price target hoisted by Needham & Company LLC from $11.00 to $12.50 in a research note issued to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

AUDC has been the subject of a number of other reports. Barclays boosted their target price on shares of AudioCodes from $9.00 to $10.00 and gave the company an “underweight” rating in a research note on Wednesday. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Wednesday.

AudioCodes Trading Up 6.6 %

Shares of NASDAQ AUDC opened at $11.36 on Wednesday. The company has a market capitalization of $343.27 million, a price-to-earnings ratio of 28.40 and a beta of 0.80. AudioCodes has a twelve month low of $7.70 and a twelve month high of $14.45. The business has a 50 day simple moving average of $9.86 and a 200-day simple moving average of $9.80.

AudioCodes (NASDAQ:AUDC) last released its earnings results on Tuesday, February 4th. The communications equipment provider reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.09. AudioCodes had a net margin of 4.99% and a return on equity of 8.85%. As a group, equities analysts predict that AudioCodes will post 0.51 earnings per share for the current year.

Institutional Trading of AudioCodes

Several institutional investors have recently modified their holdings of AUDC. Blue Trust Inc. increased its holdings in shares of AudioCodes by 151.8% in the fourth quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider’s stock valued at $35,000 after buying an additional 2,185 shares in the last quarter. R Squared Ltd acquired a new position in AudioCodes during the 4th quarter worth $97,000. DGS Capital Management LLC boosted its holdings in AudioCodes by 72.8% during the third quarter. DGS Capital Management LLC now owns 21,672 shares of the communications equipment provider’s stock valued at $211,000 after acquiring an additional 9,133 shares during the period. Marshall Wace LLP boosted its stake in AudioCodes by 37.5% during the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after purchasing an additional 7,009 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of AudioCodes by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 52,309 shares of the communications equipment provider’s stock valued at $509,000 after acquiring an additional 1,419 shares during the period. Institutional investors and hedge funds own 68.05% of the company’s stock.

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.