AudioCodes (NASDAQ:AUDC) Shares Pass Above 200-Day Moving Average – Here’s Why

AudioCodes Ltd. (NASDAQ:AUDC) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.75 and traded as high as $9.81. AudioCodes shares last traded at $9.78, with a volume of 80,749 shares changing hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of 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, Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold”.

AudioCodes Trading Down 3.9%

The stock has a market capitalization of $238.92 million, a price-to-earnings ratio of 37.55 and a beta of 0.96. The firm has a 50-day moving average of $9.56 and a 200-day moving average of $8.75.

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

Institutional Investors Weigh In On AudioCodes

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

About AudioCodes

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.