AudioCodes (NASDAQ:AUDC) Stock Price Passes Above 200-Day Moving Average – Here’s Why

AudioCodes Ltd. (NASDAQ:AUDC)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.61 and traded as high as $9.21. AudioCodes shares last traded at $9.11, with a volume of 112,895 shares changing hands.

Analyst Ratings Changes

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

AudioCodes Price Performance

The firm has a market cap of $231.85 million, a P/E ratio of 36.44 and a beta of 0.97. The firm’s 50-day moving average price is $9.09 and its 200 day moving average price is $8.61.

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 firm had revenue of $62.14 million during the quarter, compared to the consensus estimate of $61.50 million.

Institutional Investors Weigh In On AudioCodes

A number of institutional investors have recently made changes to their positions in AUDC. Raymond James Financial Inc. bought a new position in AudioCodes during the second quarter worth $43,000. Barclays PLC boosted its holdings in AudioCodes by 3,621.4% in the fourth quarter. Barclays PLC now owns 7,294 shares of the communications equipment provider’s stock worth $64,000 after purchasing an additional 7,098 shares during the period. Jump Financial LLC acquired a new position in AudioCodes in the second quarter worth $127,000. NewEdge Advisors LLC bought a new stake in AudioCodes during the fourth quarter valued at $150,000. Finally, SIH Partners LLLP bought a new stake in AudioCodes during the third quarter valued at $170,000. 68.05% of the stock is currently 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.