AudioCodes’ (AUDC) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of AudioCodes (NASDAQ:AUDC) in a research note issued to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $11.00 price objective on the communications equipment provider’s stock.

Several other research analysts also recently weighed in on the stock. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Monday, December 16th. 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 Stock Performance

AudioCodes stock opened at $10.84 on Tuesday. The company’s fifty day moving average price is $9.56 and its 200 day moving average price is $9.84. The stock has a market capitalization of $327.58 million, a P/E ratio of 27.10 and a beta of 0.81. AudioCodes has a 1 year low of $7.70 and a 1 year high of $14.45.

Hedge Funds Weigh In On AudioCodes

Hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. grew its stake in AudioCodes by 151.8% during the 4th quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider’s stock valued at $35,000 after acquiring an additional 2,185 shares in the last quarter. R Squared Ltd purchased a new stake in shares of AudioCodes in the fourth quarter valued at approximately $97,000. XTX Topco Ltd acquired a new stake in shares of AudioCodes in the second quarter valued at approximately $143,000. DGS Capital Management LLC lifted its position in AudioCodes by 72.8% during the third quarter. DGS Capital Management LLC now owns 21,672 shares of the communications equipment provider’s stock worth $211,000 after buying an additional 9,133 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after buying an additional 7,009 shares during the last quarter. 68.05% of the stock is 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.