AudioCodes’ (AUDC) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of AudioCodes (NASDAQ:AUDC) in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a $11.00 target price on the communications equipment provider’s stock.

Several other equities analysts also recently weighed in on the stock. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th. Barclays cut their price objective on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th.

AudioCodes Stock Performance

AudioCodes stock opened at $10.84 on Tuesday. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45. The company has a market cap of $327.58 million, a PE ratio of 27.10 and a beta of 0.81. The business’s 50-day simple moving average is $9.56 and its two-hundred day simple moving average is $9.84.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Senvest Management LLC grew its stake in shares of AudioCodes by 1.5% during the 3rd quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock worth $25,108,000 after purchasing an additional 37,080 shares during the period. Assenagon Asset Management S.A. purchased a new stake in AudioCodes during the third quarter worth $1,618,000. JPMorgan Chase & Co. grew its position in AudioCodes by 95.1% during the third quarter. JPMorgan Chase & Co. now owns 104,037 shares of the communications equipment provider’s stock valued at $1,012,000 after buying an additional 50,704 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in AudioCodes by 11.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after buying an additional 9,150 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of AudioCodes in the third quarter worth about $595,000. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

AudioCodes Company Profile

AudioCodes Ltd. provides advanced communications software, products, and productivity solutions for the digital workplace worldwide. The company offers solutions, products, and services for unified communications, contact centers, hosted business services, Voice.AI, and service provider businesses. Its products include session border controllers, life cycle management solutions, VoIP network routing solutions, media gateways and servers, multi-service business routers, IP phones solutions, and value-added applications, as well as professional services.