Zacks Investment Research lowered shares of AudioCodes Ltd. (NASDAQ:AUDC) from a buy rating to a hold rating in a report issued on Thursday morning.

According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “

AUDC has been the subject of a number of other reports. Northland Securities set a $7.00 price objective on AudioCodes and gave the stock a hold rating in a report on Tuesday, July 4th. TheStreet downgraded AudioCodes from a b- rating to a c+ rating in a report on Wednesday, June 28th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $7.50.

AudioCodes (NASDAQ:AUDC) traded up 1.62% during midday trading on Thursday, hitting $6.88. The company had a trading volume of 47,787 shares. The stock has a market cap of $217.38 million, a PE ratio of 12.79 and a beta of 0.61. AudioCodes has a 52-week low of $5.07 and a 52-week high of $7.26. The stock’s 50-day moving average price is $6.77 and its 200-day moving average price is $6.61.

AudioCodes (NASDAQ:AUDC) last released its quarterly earnings data on Wednesday, July 26th. The communications equipment provider reported $0.08 EPS for the quarter, hitting analysts’ consensus estimates of $0.08. The business had revenue of $38.70 million during the quarter, compared to the consensus estimate of $38.23 million. AudioCodes had a return on equity of 7.78% and a net margin of 11.95%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.06 EPS. On average, equities research analysts expect that AudioCodes will post $0.35 EPS for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in AUDC. Russell Investments Group Ltd. acquired a new stake in shares of AudioCodes during the 1st quarter worth $202,000. First Trust Advisors LP increased its holdings in shares of AudioCodes by 113.8% during the 1st quarter. First Trust Advisors LP now owns 40,963 shares of the communications equipment provider’s stock worth $287,000 after buying an additional 21,807 shares during the last quarter. State of Tennessee Treasury Department increased its holdings in shares of AudioCodes by 34.0% during the 1st quarter. State of Tennessee Treasury Department now owns 116,102 shares of the communications equipment provider’s stock worth $814,000 after buying an additional 29,482 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of AudioCodes by 48.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 28,306 shares of the communications equipment provider’s stock worth $198,000 after buying an additional 9,201 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of AudioCodes by 13.6% during the 1st quarter. Morgan Stanley now owns 1,505,906 shares of the communications equipment provider’s stock worth $10,556,000 after buying an additional 180,860 shares during the last quarter. Institutional investors and hedge funds own 22.05% of the company’s stock.

AudioCodes Company Profile

AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.

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