AudioCodes (NASDAQ:AUDC) Price Target Lowered to $11.00 at Needham & Company LLC

AudioCodes (NASDAQ:AUDC) had its target price trimmed by Needham & Company LLC from $14.00 to $11.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

Other analysts have also recently issued reports about the company. StockNews.com raised AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 11th. Barclays reduced their price target on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research report on Thursday.

AudioCodes Trading Down 2.5 %

AudioCodes stock traded down $0.21 during midday trading on Thursday, hitting $8.14. The stock had a trading volume of 83,012 shares, compared to its average volume of 78,525. AudioCodes has a 12 month low of $7.70 and a 12 month high of $14.45. The stock has a market cap of $245.97 million, a P/E ratio of 20.60 and a beta of 0.86. The business has a fifty day moving average price of $9.48 and a 200 day moving average price of $10.13.

Hedge Funds Weigh In On AudioCodes

A number of institutional investors have recently made changes to their positions in the business. Quadrature Capital Ltd increased its holdings in shares of AudioCodes by 26.8% during the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock valued at $228,000 after acquiring an additional 3,691 shares during the last quarter. Bank of New York Mellon Corp boosted its position in AudioCodes by 11.3% during the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock valued at $551,000 after purchasing an additional 5,389 shares during the last quarter. Marshall Wace LLP grew its stake in shares of AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after buying an additional 7,009 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of AudioCodes in the 1st quarter valued at about $159,000. Finally, BNP Paribas Financial Markets lifted its holdings in AudioCodes by 15.3% during the 1st quarter. BNP Paribas Financial Markets now owns 94,563 shares of the communications equipment provider’s stock valued at $1,233,000 after purchasing an additional 12,541 shares during the last quarter. 68.05% of the stock is owned by institutional investors and hedge funds.

About AudioCodes

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.