Wall Street Zen Downgrades AudioCodes (NASDAQ:AUDC) to Buy

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

AUDC has been the topic of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of AudioCodes in a report on Monday. Zacks Research upgraded shares of AudioCodes from a “strong sell” rating to a “hold” rating in a research report on Monday, September 29th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, AudioCodes has an average rating of “Hold” and a consensus price target of $11.25.

AudioCodes Stock Up 0.7%

NASDAQ:AUDC opened at $8.68 on Friday. AudioCodes has a 52 week low of $8.01 and a 52 week high of $12.72. The stock’s fifty day moving average is $9.16 and its two-hundred day moving average is $9.50. The company has a market capitalization of $248.94 million, a P/E ratio of 18.87 and a beta of 1.04.

Institutional Trading of AudioCodes

A number of large investors have recently modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of AudioCodes by 12.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 101,954 shares of the communications equipment provider’s stock valued at $947,000 after acquiring an additional 10,936 shares in the last quarter. Walleye Capital LLC grew its position in shares of AudioCodes by 4.9% during the first quarter. Walleye Capital LLC now owns 241,131 shares of the communications equipment provider’s stock worth $2,271,000 after buying an additional 11,324 shares in the last quarter. Trexquant Investment LP increased its stake in shares of AudioCodes by 24.5% during the first quarter. Trexquant Investment LP now owns 133,791 shares of the communications equipment provider’s stock worth $1,260,000 after buying an additional 26,316 shares during the period. Cubist Systematic Strategies LLC raised its holdings in AudioCodes by 56.0% in the first 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 in the last quarter. Finally, Goldman Sachs Group Inc. acquired a new stake in AudioCodes in the first quarter valued at approximately $412,000. Hedge funds and other institutional investors own 68.05% of the company’s stock.

AudioCodes Company Profile

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.