AudioCodes Ltd. (AUDC) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of AudioCodes Ltd. (NASDAQ:AUDC) from a hold rating to a buy rating in a research report report published on Wednesday. Zacks Investment Research currently has $7.50 price objective on the communications equipment provider’s stock.
According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “
AUDC has been the subject of several other research reports. TheStreet cut shares of AudioCodes from a b- rating to a c+ rating in a research note on Wednesday, June 28th. Northland Securities set a $7.00 price objective on shares of AudioCodes and gave the company a hold rating in a research note on Tuesday, July 4th. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. AudioCodes currently has a consensus rating of Buy and an average target price of $7.50.
Shares of AudioCodes (NASDAQ AUDC) opened at 6.70 on Wednesday. The firm has a market capitalization of $211.69 million, a P/E ratio of 12.45 and a beta of 0.57. AudioCodes has a 52-week low of $5.07 and a 52-week high of $7.26. The company’s 50-day moving average price is $6.63 and its 200-day moving average price is $6.63.
AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings data on Wednesday, July 26th. The communications equipment provider reported $0.08 EPS for the quarter, meeting the consensus estimate of $0.08. The company had revenue of $38.70 million during the quarter, compared to analysts’ expectations of $38.23 million. AudioCodes had a net margin of 11.95% and a return on equity of 7.78%. AudioCodes’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.06 earnings per share. On average, equities research analysts expect that AudioCodes will post $0.35 EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of AUDC. Norges Bank purchased a new position in shares of AudioCodes during the fourth quarter valued at approximately $2,940,000. Morgan Stanley boosted its position in shares of AudioCodes by 13.6% in the first quarter. Morgan Stanley now owns 1,505,906 shares of the communications equipment provider’s stock valued at $10,556,000 after buying an additional 180,860 shares in the last quarter. State of Tennessee Treasury Department boosted its position in shares of AudioCodes by 34.0% in the first quarter. State of Tennessee Treasury Department now owns 116,102 shares of the communications equipment provider’s stock valued at $814,000 after buying an additional 29,482 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of AudioCodes by 48.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 28,306 shares of the communications equipment provider’s stock valued at $198,000 after buying an additional 9,201 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC boosted its position in shares of AudioCodes by 138.5% in the second quarter. Campbell & CO Investment Adviser LLC now owns 26,960 shares of the communications equipment provider’s stock valued at $161,000 after buying an additional 15,654 shares in the last quarter. 28.95% of the stock is owned by institutional investors.
AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.
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