AudioCodes (NASDAQ:AUDC) Stock Passes Above 200 Day Moving Average – Here’s What Happened

AudioCodes Ltd. (NASDAQ:AUDC)’s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $8.63 and traded as high as $9.39. AudioCodes shares last traded at $9.3680, with a volume of 110,458 shares traded.

Analysts Set New Price Targets

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

AudioCodes Trading Up 4.0%

The business’s fifty day simple moving average is $9.12 and its 200 day simple moving average is $8.63. The stock has a market cap of $238.42 million, a price-to-earnings ratio of 37.47 and a beta of 0.97.

AudioCodes (NASDAQ:AUDC) last posted its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $61.50 million.

Hedge Funds Weigh In On AudioCodes

Hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. acquired a new position in shares of AudioCodes in the 2nd quarter valued at $43,000. Jane Street Group LLC raised its stake in AudioCodes by 14.2% during the 1st quarter. Jane Street Group LLC now owns 47,624 shares of the communications equipment provider’s stock worth $449,000 after buying an additional 5,938 shares during the period. Engineers Gate Manager LP lifted its holdings in AudioCodes by 29.4% during the fourth quarter. Engineers Gate Manager LP now owns 26,871 shares of the communications equipment provider’s stock worth $235,000 after acquiring an additional 6,098 shares in the last quarter. Jump Financial LLC lifted its holdings in AudioCodes by 24.0% during the fourth quarter. Jump Financial LLC now owns 34,955 shares of the communications equipment provider’s stock worth $305,000 after acquiring an additional 6,755 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in AudioCodes by 9.0% in 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 acquiring an additional 7,019 shares during the period. Institutional investors and hedge funds 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.