AudioCodes (NASDAQ:AUDC) Given New $14.00 Price Target at Needham & Company LLC

AudioCodes (NASDAQ:AUDC) had its target price decreased by stock analysts at Needham & Company LLC from $18.00 to $14.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price target would indicate a potential upside of 41.27% from the company’s current price.

Several other research firms have also recently weighed in on AUDC. Barclays lowered their price target on shares of AudioCodes from $12.00 to $10.00 and set an “underweight” rating on the stock in a report on Wednesday. StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th.

AudioCodes Trading Up 0.3 %

Shares of NASDAQ:AUDC traded up $0.03 during trading on Thursday, hitting $9.91. 60,742 shares of the company’s stock traded hands, compared to its average volume of 79,735. AudioCodes has a 52 week low of $7.14 and a 52 week high of $14.45. The company has a market cap of $300.51 million, a price-to-earnings ratio of 35.39, a price-to-earnings-growth ratio of 0.65 and a beta of 0.84. The company has a 50-day moving average price of $12.16 and a 200-day moving average price of $11.70.

AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings data on Tuesday, February 6th. The communications equipment provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.04. The business had revenue of $63.56 million for the quarter, compared to analyst estimates of $64.18 million. AudioCodes had a net margin of 3.59% and a return on equity of 7.35%. On average, analysts predict that AudioCodes will post 0.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AudioCodes

Several hedge funds and other institutional investors have recently made changes to their positions in AUDC. Raymond James Financial Services Advisors Inc. bought a new stake in shares of AudioCodes during the 3rd quarter valued at approximately $116,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in AudioCodes during the 3rd quarter worth approximately $134,000. Quadrature Capital Ltd bought a new stake in AudioCodes during the 4th quarter worth approximately $166,000. Cornerstone Investment Partners LLC bought a new stake in AudioCodes during the 4th quarter worth approximately $173,000. Finally, Atria Wealth Solutions Inc. bought a new stake in AudioCodes during the 3rd quarter worth approximately $188,000. 68.05% of the stock is owned by 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.