Wall Street Zen Downgrades AudioCodes (NASDAQ:AUDC) to Buy

AudioCodes (NASDAQ:AUDC) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

AUDC has been the topic of a number of other reports. Zacks Research raised AudioCodes from a “strong sell” rating to a “hold” rating in a report on Monday, September 29th. Weiss Ratings reiterated a “hold (c)” rating on shares of AudioCodes in a report on Monday, December 1st. One analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $11.25.

AudioCodes Price Performance

Shares of NASDAQ:AUDC opened at $8.68 on Friday. AudioCodes has a 1-year low of $8.01 and a 1-year high of $12.72. The firm’s 50 day simple moving average is $9.16 and its two-hundred day simple moving average is $9.50. The company has a market capitalization of $248.94 million, a P/E ratio of 18.87 and a beta of 1.04.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in AUDC. Raymond James Financial Inc. purchased a new position in shares of AudioCodes in the second quarter valued at approximately $43,000. Jump Financial LLC acquired a new position in AudioCodes in the 2nd quarter valued at $127,000. SIH Partners LLLP acquired a new position in AudioCodes in the 3rd quarter valued at $170,000. Cubist Systematic Strategies LLC lifted its holdings in AudioCodes by 56.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 7,052 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in AudioCodes in the 3rd quarter valued at $206,000. 68.05% of the stock is owned by institutional investors and hedge funds.

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.