AudioCodes (NASDAQ:AUDC) Downgraded by Wall Street Zen to “Buy”

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

AudioCodes Trading Up 1.3%

Shares of NASDAQ:AUDC opened at $9.84 on Friday. The stock has a market capitalization of $250.43 million, a P/E ratio of 39.36 and a beta of 0.95. AudioCodes has a 1-year low of $6.95 and a 1-year high of $11.50. The business has a 50-day moving average price of $8.78 and a two-hundred day moving average price of $8.55.

AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.02). The firm had revenue of $62.14 million for the quarter, compared to the consensus estimate of $61.50 million. AudioCodes had a return on equity of 6.33% and a net margin of 2.79%.

Institutional Trading of AudioCodes

Several institutional investors and hedge funds have recently added to or reduced their stakes in AUDC. Assenagon Asset Management S.A. bought a new stake in AudioCodes during the 1st quarter worth about $1,238,000. Millennium Management LLC raised its holdings in AudioCodes by 101.6% during the 4th quarter. Millennium Management LLC now owns 284,951 shares of the communications equipment provider’s stock worth $2,488,000 after purchasing an additional 143,632 shares during the last quarter. Heartland Advisors Inc. raised its holdings in AudioCodes by 15.5% during the 3rd quarter. Heartland Advisors Inc. now owns 1,028,850 shares of the communications equipment provider’s stock worth $9,795,000 after purchasing an additional 138,300 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in 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 during the last quarter. Finally, Marshall Wace LLP raised its holdings in AudioCodes by 41.7% during the 4th quarter. Marshall Wace LLP now owns 186,983 shares of the communications equipment provider’s stock worth $1,632,000 after purchasing an additional 55,055 shares during the last quarter. 68.05% of the stock is owned by institutional investors.

AudioCodes Company Profile

AudioCodes Ltd is a global provider of advanced voice networking and media processing solutions for enterprises and service providers. The company designs and manufactures a comprehensive portfolio of products, including session border controllers (SBCs), media gateways, IP phones, management and monitoring software, and cloud-based communications microservices. Its offerings support a wide range of unified communications (UC) and contact center deployments, enabling secure, high-quality voice connectivity across on-premises, hybrid and cloud environments.

Founded in 1993 and headquartered in Rosh Ha’Ayin, Israel, AudioCodes serves customers in North America, Europe, Asia-Pacific and Latin America.