AudioCodes (NASDAQ:AUDC) Lowered to "Hold" Rating by Wall Street Zen

AudioCodes (NASDAQ:AUDC - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Separately, Needham & Company LLC reissued a "buy" rating and set a $12.50 price target on shares of AudioCodes in a research note on Wednesday, May 7th.

AudioCodes Stock Down 1.2%

NASDAQ:AUDC traded down $0.11 during trading hours on Friday, hitting $9.40. 39,045 shares of the stock were exchanged, compared to its average volume of 84,913. The company has a market capitalization of $278.99 million, a P/E ratio of 18.80 and a beta of 0.88. The company's 50 day moving average is $9.04 and its two-hundred day moving average is $9.83. AudioCodes has a twelve month low of $7.70 and a twelve month high of $12.72.

Institutional Investors Weigh In On AudioCodes

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in AudioCodes by 151.8% during the fourth quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider's stock worth $35,000 after buying an additional 2,185 shares during the last quarter. Bank of New York Mellon Corp raised its position 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 during the period. Value Base Ltd. bought a new position in AudioCodes during the 4th quarter worth approximately $19,665,000. Norges Bank acquired a new position in AudioCodes during the fourth quarter valued at approximately $120,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in AudioCodes by 55.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 527,768 shares of the communications equipment provider's stock valued at $5,187,000 after purchasing an additional 188,074 shares in the last quarter. 68.05% of the stock is owned by institutional investors and hedge funds.

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.