Zacks Investment Research Upgrades AudioCodes (AUDC) to “Buy”
Zacks Investment Research upgraded shares of AudioCodes (NASDAQ:AUDC) from a hold rating to a buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $8.25 price objective on the communications equipment provider’s stock.
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 several other research reports. William Blair reiterated an outperform rating on shares of AudioCodes in a report on Wednesday, January 24th. Needham & Company LLC reiterated a buy rating and issued a $9.00 price objective (up previously from $8.50) on shares of AudioCodes in a report on Thursday, January 25th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. AudioCodes currently has a consensus rating of Buy and an average price target of $8.08.
AudioCodes (NASDAQ:AUDC) last released its quarterly earnings results on Wednesday, January 24th. The communications equipment provider reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. AudioCodes had a return on equity of 9.82% and a net margin of 2.57%. The business had revenue of $41.40 million for the quarter, compared to the consensus estimate of $40.30 million. During the same quarter last year, the business posted $0.08 earnings per share. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. equities research analysts forecast that AudioCodes will post 0.3 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its holdings in shares of AudioCodes by 197.0% in the fourth quarter. Millennium Management LLC now owns 139,814 shares of the communications equipment provider’s stock worth $1,029,000 after buying an additional 92,732 shares during the period. Two Sigma Investments LP increased its holdings in shares of AudioCodes by 133.8% in the fourth quarter. Two Sigma Investments LP now owns 141,505 shares of the communications equipment provider’s stock worth $1,041,000 after buying an additional 80,986 shares during the period. Renaissance Technologies LLC increased its holdings in shares of AudioCodes by 33.7% in the fourth quarter. Renaissance Technologies LLC now owns 301,700 shares of the communications equipment provider’s stock worth $2,221,000 after buying an additional 76,049 shares during the period. ARK Investment Management LLC purchased a new position in shares of AudioCodes in the fourth quarter worth about $227,000. Finally, Ramsey Quantitative Systems purchased a new position in shares of AudioCodes in the fourth quarter worth about $268,000. Hedge funds and other institutional investors own 23.82% of the company’s stock.
WARNING: “Zacks Investment Research Upgrades AudioCodes (AUDC) to “Buy”” was originally published by Daily Political and is the property of of Daily Political. If you are viewing this report on another website, it was illegally copied and republished in violation of U.S. and international copyright law. The original version of this report can be accessed at https://www.dailypolitical.com/2018/03/04/zacks-investment-research-upgrades-audiocodes-audc-to-buy.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for AudioCodes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AudioCodes and related companies with MarketBeat.com's FREE daily email newsletter.