AudioCodes (NASDAQ:AUDC) Upgraded to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of AudioCodes (NASDAQ:AUDC) from a buy rating to a strong-buy rating in a report published on Saturday morning.

Several other analysts have also recently commented on AUDC. Zacks Research upgraded shares of AudioCodes from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. Weiss Ratings reissued a “hold (c)” rating on shares of AudioCodes in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.25.

AudioCodes Stock Down 3.4%

AudioCodes stock opened at $8.36 on Friday. The stock has a 50-day moving average price of $8.91 and a 200 day moving average price of $9.40. The company has a market capitalization of $239.76 million, a price-to-earnings ratio of 18.17 and a beta of 1.04. AudioCodes has a 52 week low of $8.01 and a 52 week high of $12.72.

Hedge Funds Weigh In On AudioCodes

Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in AudioCodes during the second quarter worth approximately $43,000. Jump Financial LLC acquired a new position in shares of AudioCodes during the 2nd quarter worth approximately $127,000. SIH Partners LLLP purchased a new position in shares of AudioCodes during the 3rd quarter valued at approximately $170,000. Cubist Systematic Strategies LLC grew its stake in AudioCodes by 56.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after acquiring an additional 7,052 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in AudioCodes in the 3rd quarter worth $206,000. 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.