Zacks Investment Research Upgrades AudioCodes Ltd. (AUDC) to Buy
AudioCodes Ltd. (NASDAQ:AUDC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $7.50 price objective on the communications equipment provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.01% from the company’s current price.
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. “
Several other research firms have also recently commented on AUDC. TheStreet upgraded AudioCodes from a “c+” rating to a “b-” rating in a research report on Thursday, September 7th. Northland Securities set a $7.00 target price on AudioCodes and gave the stock a “hold” rating in a research report on Tuesday, July 4th. One research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $7.50.
AudioCodes (AUDC) traded up 1.62% during mid-day trading on Friday, hitting $6.88. The stock had a trading volume of 47,787 shares. The company has a market cap of $217.38 million, a price-to-earnings ratio of 12.79 and a beta of 0.61. The firm’s 50-day moving average is $6.77 and its 200 day moving average is $6.61. AudioCodes has a 12 month low of $5.07 and a 12 month high of $7.26.
AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings results on Wednesday, July 26th. The communications equipment provider reported $0.08 earnings per share for the quarter, meeting the Thomson Reuters’ 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 return on equity of 7.78% and a net margin of 11.95%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.06 earnings per share. Equities analysts anticipate that AudioCodes will post $0.35 EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC lifted its stake in shares of AudioCodes by 138.5% in the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 26,960 shares of the communications equipment provider’s stock valued at $161,000 after acquiring an additional 15,654 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in shares of AudioCodes by 48.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 28,306 shares of the communications equipment provider’s stock valued at $198,000 after acquiring an additional 9,201 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in shares of AudioCodes in the 1st quarter valued at about $202,000. Royal Bank of Canada lifted its stake in shares of AudioCodes by 3.6% in the 2nd quarter. Royal Bank of Canada now owns 34,499 shares of the communications equipment provider’s stock valued at $207,000 after acquiring an additional 1,200 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in AudioCodes by 113.8% during the 1st quarter. First Trust Advisors LP now owns 40,963 shares of the communications equipment provider’s stock valued at $287,000 after purchasing an additional 21,807 shares during the period. 22.05% 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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