AudioCodes (NASDAQ:AUDC) Shares Pass Above 200-Day Moving Average – Should You Sell?

AudioCodes Ltd. (NASDAQ:AUDC)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.57 and traded as high as $9.80. AudioCodes shares last traded at $9.77, with a volume of 96,662 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen downgraded AudioCodes from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold”.

AudioCodes Stock Up 1.7%

The company has a 50-day simple moving average of $8.96 and a two-hundred day simple moving average of $8.57. The stock has a market cap of $248.65 million, a P/E ratio of 39.08 and a beta of 0.97.

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). AudioCodes had a net margin of 2.79% and a return on equity of 6.33%. The company had revenue of $62.14 million during the quarter, compared to the consensus estimate of $61.50 million.

Institutional Trading of AudioCodes

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC increased its stake in shares of AudioCodes by 49.5% during the first quarter. NewEdge Advisors LLC now owns 25,607 shares of the communications equipment provider’s stock valued at $215,000 after buying an additional 8,475 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of AudioCodes by 12.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider’s stock valued at $6,209,000 after buying an additional 82,016 shares during the period. Heartland Advisors Inc. increased its stake in shares of AudioCodes by 15.8% during the first quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider’s stock valued at $8,122,000 after buying an additional 131,934 shares during the period. Bank of New York Mellon Corp increased its stake in shares of AudioCodes by 9.0% during the first quarter. Bank of New York Mellon Corp now owns 85,398 shares of the communications equipment provider’s stock valued at $718,000 after buying an additional 7,019 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in shares of AudioCodes during the first quarter valued at approximately $1,238,000. Institutional investors own 68.05% of the company’s stock.

About AudioCodes

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.