Wall Street Zen Upgrades AudioCodes (NASDAQ:AUDC) to “Strong-Buy”

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

Several other brokerages have also recently weighed in on AUDC. Weiss Ratings restated a “hold (c)” rating on shares of AudioCodes in a report on Monday, December 29th. Zacks Research raised AudioCodes from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $11.25.

AudioCodes Trading Down 3.4%

AUDC opened at $8.36 on Friday. AudioCodes has a twelve month low of $8.01 and a twelve month high of $12.72. The firm has a market capitalization of $239.76 million, a PE ratio of 18.17 and a beta of 1.04. The firm’s 50-day moving average price is $8.91 and its 200 day moving average price is $9.40.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Heartland Advisors Inc. grew its stake in shares of AudioCodes by 15.5% in the third quarter. Heartland Advisors Inc. now owns 1,028,850 shares of the communications equipment provider’s stock valued at $9,795,000 after buying an additional 138,300 shares in the last quarter. Millennium Management LLC lifted its position in shares of AudioCodes by 182.9% during the third quarter. Millennium Management LLC now owns 141,319 shares of the communications equipment provider’s stock worth $1,345,000 after purchasing an additional 91,361 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of AudioCodes by 9.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 620,844 shares of the communications equipment provider’s stock valued at $5,936,000 after purchasing an additional 53,266 shares during the period. Goldman Sachs Group Inc. acquired a new position in shares of AudioCodes in the first quarter valued at approximately $412,000. Finally, Bank of America Corp DE increased its stake in AudioCodes by 186.0% during the 3rd quarter. Bank of America Corp DE now owns 57,727 shares of the communications equipment provider’s stock worth $550,000 after buying an additional 37,542 shares during the period. 68.05% of the stock is currently owned by institutional investors and hedge funds.

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.