Wall Street Zen Upgrades AudioCodes (NASDAQ:AUDC) to Buy

AudioCodes (NASDAQ:AUDC - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

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

AudioCodes Stock Performance

AudioCodes stock opened at $9.44 on Friday. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $12.72. The stock has a market cap of $280.18 million, a PE ratio of 16.86 and a beta of 0.88. The firm's 50-day simple moving average is $9.14 and its 200 day simple moving average is $9.83.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AUDC. 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 purchasing an additional 2,185 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in AudioCodes by 2.8% in the fourth 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 last quarter. Value Base Ltd. purchased a new position in AudioCodes in the fourth quarter valued at about $19,665,000. Norges Bank purchased a new position in AudioCodes in the fourth quarter valued at about $120,000. Finally, Arrowstreet Capital Limited Partnership boosted 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 acquiring an additional 188,074 shares during the last quarter. 68.05% of the stock is currently owned by hedge funds and other 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.

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