AudioCodes (NASDAQ:AUDC) Downgraded to Buy Rating by StockNews.com

StockNews.com cut shares of AudioCodes (NASDAQ:AUDC) from a strong-buy rating to a buy rating in a report published on Tuesday.

A number of other equities analysts have also recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of AudioCodes in a report on Tuesday, January 21st. Barclays reduced their target price on AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a report on Thursday, November 7th.

AudioCodes Trading Down 1.4 %

NASDAQ AUDC opened at $10.22 on Tuesday. The stock has a market capitalization of $308.85 million, a price-to-earnings ratio of 25.55 and a beta of 0.81. AudioCodes has a twelve month low of $7.70 and a twelve month high of $14.45. The stock has a 50-day moving average of $9.74 and a 200 day moving average of $9.82.

Institutional Investors Weigh In On AudioCodes

A number of large investors have recently made changes to their positions in the stock. Senvest Management LLC grew its position in shares of AudioCodes by 1.5% in the third quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after purchasing an additional 37,080 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes in the third quarter valued at approximately $1,618,000. JPMorgan Chase & Co. grew its position in shares of AudioCodes by 95.1% in the third quarter. JPMorgan Chase & Co. now owns 104,037 shares of the communications equipment provider’s stock valued at $1,012,000 after purchasing an additional 50,704 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of AudioCodes by 11.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after purchasing an additional 9,150 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of AudioCodes in the third quarter valued at approximately $595,000. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

About AudioCodes

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.