AudioCodes (NASDAQ:AUDC) Stock Rating Lowered by Wall Street Zen

AudioCodes (NASDAQ:AUDC) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of AudioCodes in a research note on Monday, November 2nd. One analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

AudioCodes Stock Performance

Shares of AUDC stock opened at $7.85 on Friday. The firm’s fifty day moving average price is $10.50 and its two-hundred day moving average price is $9.31. AudioCodes has a 1 year low of $6.95 and a 1 year high of $11.74. The firm has a market capitalization of $182.91 million, a P/E ratio of 25.32 and a beta of 0.98.

AudioCodes (NASDAQ:AUDC) last posted its quarterly earnings data on Wednesday, November 4th. The communications equipment provider reported $0.16 EPS for the quarter, hitting analysts’ consensus estimates of $0.16. The company had revenue of $64.14 million during the quarter, compared to the consensus estimate of $63.40 million. AudioCodes had a net margin of 3.16% and a return on equity of 6.86%.

Insider Buying and Selling

In other AudioCodes news, Director Zehava Simon sold 27,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $9.91, for a total value of $267,570.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 48.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On AudioCodes

Several institutional investors and hedge funds have recently modified their holdings of AUDC. Heartland Advisors Inc. raised its stake in AudioCodes by 15.8% in the 1st quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider’s stock worth $8,122,000 after purchasing an additional 131,934 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of AudioCodes by 12.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider’s stock worth $6,209,000 after purchasing an additional 82,016 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of AudioCodes by 9.0% during the 1st quarter. Bank of New York Mellon Corp now owns 85,398 shares of the communications equipment provider’s stock worth $718,000 after purchasing an additional 7,019 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of AudioCodes during the 2nd quarter worth approximately $592,000. Finally, NewEdge Advisors LLC increased its holdings in shares of AudioCodes by 49.5% during the first quarter. NewEdge Advisors LLC now owns 25,607 shares of the communications equipment provider’s stock worth $215,000 after purchasing an additional 8,475 shares during the period. 68.05% of the stock is currently owned by institutional investors and hedge funds.

About AudioCodes

AudioCodes Ltd. (NASDAQ: AUDC) is an Israeli provider of advanced voice and communications technologies for enterprises, service providers and telecommunications operators. The company develops solutions that enable organizations to deploy, manage and optimize business voice services across private, public and hybrid communications networks.

Its portfolio includes session border controllers, media gateways, voice network products, professional services and cloud-based communications solutions.