AudioCodes Ltd. (NASDAQ:AUDC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage presently has a $7.50 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.01% from the company’s previous close.

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 topic of a number of other research reports. TheStreet lowered AudioCodes from a “b-” rating to a “c+” rating in a report on Wednesday, June 28th. Northland Securities set a $7.00 price objective on AudioCodes and gave the stock a “hold” rating in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $7.50.

AudioCodes (AUDC) opened at 6.88 on Friday. The stock has a market cap of $217.38 million, a PE ratio of 12.79 and a beta of 0.61. The firm has a 50-day moving average price of $6.77 and a 200-day moving average price of $6.61. AudioCodes has a 12-month low of $5.07 and a 12-month high of $7.26.

AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings data on Wednesday, July 26th. The communications equipment provider reported $0.08 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.08. The business had revenue of $38.70 million for 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 firm’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the business earned $0.06 EPS. Analysts forecast that AudioCodes will post $0.35 EPS for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC raised its position in shares of AudioCodes by 138.5% during the second quarter. Campbell & CO Investment Adviser LLC now owns 26,960 shares of the communications equipment provider’s stock worth $161,000 after acquiring an additional 15,654 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in AudioCodes by 48.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 28,306 shares of the communications equipment provider’s stock valued at $198,000 after purchasing an additional 9,201 shares during the last quarter. Russell Investments Group Ltd. bought a new stake in AudioCodes in the first quarter valued at about $202,000. Royal Bank of Canada increased its holdings in AudioCodes by 3.6% in the second quarter. Royal Bank of Canada now owns 34,499 shares of the communications equipment provider’s stock valued at $207,000 after purchasing an additional 1,200 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in AudioCodes by 113.8% in the first quarter. First Trust Advisors LP now owns 40,963 shares of the communications equipment provider’s stock valued at $287,000 after purchasing an additional 21,807 shares during the last quarter. Institutional investors 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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