Needham & Company LLC Reiterates “Buy” Rating for AudioCodes (NASDAQ:AUDC)

AudioCodes (NASDAQ:AUDC)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $11.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 2.42% from the company’s current price.

Several other research analysts have also issued reports on AUDC. StockNews.com upgraded shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th. Barclays lowered their target price on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Thursday, November 7th.

AudioCodes Trading Up 2.2 %

Shares of AUDC stock opened at $10.74 on Tuesday. AudioCodes has a 1-year low of $7.70 and a 1-year high of $14.45. The stock has a market cap of $324.56 million, a price-to-earnings ratio of 26.85 and a beta of 0.81. The stock has a 50-day moving average of $9.46 and a 200-day moving average of $9.83.

Institutional Investors Weigh In On AudioCodes

A number of large investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. acquired a new position in shares of AudioCodes during the third quarter worth approximately $1,618,000. Public Employees Retirement System of Ohio acquired a new position in AudioCodes during the third quarter worth $595,000. Marshall Wace LLP increased its position in shares of AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after acquiring an additional 7,009 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of AudioCodes by 11.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock worth $551,000 after acquiring an additional 5,389 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in AudioCodes by 11.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after acquiring an additional 9,150 shares in the last quarter. 68.05% of the stock is currently 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.