AudioCodes' (AUDC) "Buy" Rating Reaffirmed at Needham & Company LLC

AudioCodes (NASDAQ:AUDC - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at Needham & Company LLC in a research report issued on Wednesday,Benzinga reports. They currently have a $12.50 target price on the communications equipment provider's stock. Needham & Company LLC's price objective indicates a potential upside of 41.64% from the stock's current price.

AUDC has been the subject of a number of other reports. Barclays raised their price objective on AudioCodes from $9.00 to $10.00 and gave the stock an "underweight" rating in a research report on Wednesday, February 5th. StockNews.com upgraded AudioCodes from a "buy" rating to a "strong-buy" rating in a research report on Saturday, April 26th.

AudioCodes Trading Up 2.5%

NASDAQ AUDC traded up $0.22 during trading on Wednesday, reaching $8.83. 26,928 shares of the company's stock were exchanged, compared to its average volume of 86,226. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $12.72. The firm has a market capitalization of $261.93 million, a PE ratio of 17.65 and a beta of 0.94. The company's fifty day simple moving average is $9.41 and its 200-day simple moving average is $9.77.

Institutional Investors Weigh In On AudioCodes

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. raised its stake in shares of AudioCodes by 151.8% during the 4th quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider's stock worth $35,000 after purchasing an additional 2,185 shares in the last quarter. R Squared Ltd purchased a new stake in shares of AudioCodes during the 4th quarter worth about $97,000. Norges Bank purchased a new stake in shares of AudioCodes during the 4th quarter worth about $120,000. Jane Street Group LLC bought a new position in shares of AudioCodes in the 4th quarter valued at approximately $406,000. Finally, Bank of New York Mellon Corp raised its stake in shares of AudioCodes by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 52,309 shares of the communications equipment provider's stock valued at $509,000 after acquiring an additional 1,419 shares in the last quarter. 68.05% of the stock is owned by hedge funds and other institutional investors.

AudioCodes Company Profile

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.