AudioCodes (NASDAQ:AUDC) Shares Cross Above 200 Day Moving Average – Here’s Why

Shares of AudioCodes Ltd. (NASDAQ:AUDC) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $8.71 and traded as high as $9.83. AudioCodes shares last traded at $9.75, with a volume of 72,767 shares trading hands.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 27th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold”.

AudioCodes Price Performance

The company has a market cap of $248.14 million, a PE ratio of 39.00 and a beta of 0.96. The stock’s 50-day moving average is $9.38 and its 200 day moving average is $8.71.

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

Institutional Investors Weigh In On AudioCodes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. acquired a new stake in shares of AudioCodes during the first quarter worth $1,238,000. Millennium Management LLC increased its position in shares of AudioCodes by 101.6% in the 4th quarter. Millennium Management LLC now owns 284,951 shares of the communications equipment provider’s stock valued at $2,488,000 after acquiring an additional 143,632 shares during the period. Heartland Advisors Inc. increased its position in shares of AudioCodes by 15.8% in the 1st quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider’s stock valued at $8,122,000 after acquiring an additional 131,934 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in AudioCodes by 12.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider’s stock worth $6,209,000 after acquiring an additional 82,016 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in AudioCodes by 41.7% in the 4th quarter. Marshall Wace LLP now owns 186,983 shares of the communications equipment provider’s stock worth $1,632,000 after acquiring an additional 55,055 shares during the last quarter. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

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.