Zacks Investment Research upgraded shares of AudioCodes Ltd. (NASDAQ:AUDC) from a hold rating to a buy rating in a research report sent to investors on Monday, July 31st. The brokerage currently has $7.75 price objective on the communications equipment provider’s stock.
According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “
AUDC has been the topic of several other research reports. Northland Securities set a $7.00 price target on shares of AudioCodes and gave the company a hold rating in a report on Tuesday, July 4th. TheStreet downgraded shares of AudioCodes from a b- rating to a c+ rating in a report on Wednesday, June 28th. One investment analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. AudioCodes has an average rating of Buy and an average price target of $7.58.
AudioCodes (AUDC) opened at 6.67 on Monday. AudioCodes has a 52-week low of $4.85 and a 52-week high of $7.26. The company’s 50 day moving average is $6.56 and its 200 day moving average is $6.62. The firm has a market cap of $210.75 million, a P/E ratio of 12.40 and a beta of 0.57.
AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings results on Wednesday, July 26th. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.08. AudioCodes had a net margin of 11.95% and a return on equity of 7.78%. The company had revenue of $38.70 million for the quarter, compared to the consensus estimate of $38.23 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts forecast that AudioCodes will post $0.35 EPS for the current fiscal year.
Several institutional investors have recently bought and sold shares of AUDC. Norges Bank purchased a new position in AudioCodes during the fourth quarter worth $2,940,000. Morgan Stanley raised its position in AudioCodes by 13.6% in the first quarter. Morgan Stanley now owns 1,505,906 shares of the communications equipment provider’s stock worth $10,556,000 after buying an additional 180,860 shares in the last quarter. Renaissance Technologies LLC raised its position in AudioCodes by 62.8% in the fourth quarter. Renaissance Technologies LLC now owns 371,272 shares of the communications equipment provider’s stock worth $2,358,000 after buying an additional 143,262 shares in the last quarter. Acadian Asset Management LLC raised its position in AudioCodes by 19.1% in the first quarter. Acadian Asset Management LLC now owns 637,554 shares of the communications equipment provider’s stock worth $4,469,000 after buying an additional 102,081 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its position in AudioCodes by 34.0% in the first quarter. State of Tennessee Treasury Department now owns 116,102 shares of the communications equipment provider’s stock worth $814,000 after buying an additional 29,482 shares in the last quarter. 28.95% of the stock is owned by institutional investors and hedge funds.
AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
What are top analysts saying about AudioCodes Ltd.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for AudioCodes Ltd. and related companies.