AudioCodes (NASDAQ:AUDC) Earns “Buy” Rating from Needham & Company LLC

AudioCodes (NASDAQ:AUDC)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $11.00 price target 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.

Other equities analysts have also recently issued research reports about the stock. Barclays dropped their target price on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research report on Thursday, November 7th. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th.

AudioCodes Price Performance

AUDC opened at $10.74 on Tuesday. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45. The firm has a market capitalization of $324.56 million, a P/E ratio of 26.85 and a beta of 0.81. The company’s 50-day moving average is $9.46 and its 200 day moving average is $9.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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 purchasing an additional 5,389 shares during the period. XTX Topco Ltd purchased a new stake in AudioCodes in the 2nd quarter worth about $143,000. Marshall Wace LLP raised its stake in AudioCodes by 37.5% in the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 7,009 shares during the period. Assenagon Asset Management S.A. purchased a new stake in AudioCodes during the third quarter valued at about $1,618,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in AudioCodes by 11.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock worth $893,000 after purchasing an additional 9,150 shares during the period. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

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.