AudioCodes (NASDAQ:AUDC) Shares Cross Above 200 Day Moving Average - Here's Why

Key Points

• AudioCodes shares moved above their 200-day moving average, trading as high as $9.83 and last changing hands at $9.75. The stock’s 200-day average was $8.71, suggesting recent upward momentum.
• Wall Street Zen upgraded AudioCodes from “buy” to “strong-buy,” although the broader analyst view remains cautious with a consensus rating of “Hold.”
• In its latest quarter, AudioCodes missed profit estimates but beat revenue expectations, reporting EPS of $0.14 versus $0.16 expected and revenue of $62.14 million versus $61.50 million forecast.

AudioCodes Ltd. (NASDAQ:AUDC - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $8.71 and traded as high as $9.83. AudioCodes shares last traded at $9.75, with a volume of 72,767 shares traded.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of AudioCodes from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 27th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold".

AudioCodes Stock Up 0.2%

The stock has a market cap of $248.14 million, a PE ratio of 39.00 and a beta of 0.96. The firm has a 50 day moving average price of $9.38 and a 200 day moving average price of $8.71.

AudioCodes (NASDAQ:AUDC - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.02). AudioCodes had a return on equity of 6.33% and a net margin of 2.79%.The business had revenue of $62.14 million during the quarter, compared to analysts' expectations of $61.50 million.

Hedge Funds Weigh In On AudioCodes

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Heartland Advisors Inc. increased its holdings in AudioCodes by 15.8% during the first quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider's stock valued at $8,122,000 after buying an additional 131,934 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in AudioCodes by 12.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider's stock worth $6,209,000 after buying an additional 82,016 shares during the period. Goldman Sachs Group Inc. boosted its position in AudioCodes by 16.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 313,151 shares of the communications equipment provider's stock valued at $2,734,000 after acquiring an additional 44,073 shares in the last quarter. Millennium Management LLC boosted its position in AudioCodes by 101.6% during the 4th quarter. Millennium Management LLC now owns 284,951 shares of the communications equipment provider's stock valued at $2,488,000 after acquiring an additional 143,632 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of AudioCodes by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 262,824 shares of the communications equipment provider's stock valued at $2,295,000 after acquiring an additional 10,056 shares during the period. 68.05% of the stock is currently owned by institutional investors.

AudioCodes Company Profile

AudioCodes Ltd is a global provider of advanced voice networking and media processing solutions for enterprises and service providers. The company designs and manufactures a comprehensive portfolio of products, including session border controllers (SBCs), media gateways, IP phones, management and monitoring software, and cloud-based communications microservices. Its offerings support a wide range of unified communications (UC) and contact center deployments, enabling secure, high-quality voice connectivity across on-premises, hybrid and cloud environments.

Founded in 1993 and headquartered in Rosh Ha'Ayin, Israel, AudioCodes serves customers in North America, Europe, Asia-Pacific and Latin America.

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