Zacks Research Upgrades AudioCodes (NASDAQ:AUDC) to Hold

Key Points

• AudioCodes (NASDAQ:AUDC) has been upgraded by Zacks Research from a "strong sell" to a "hold" rating, indicating improved outlook among analysts.
• The current consensus rating for AudioCodes is "hold" with a price target of $11.25, amid mixed ratings from analysts.
• Institutional investors hold 68.05% of AudioCodes' shares, with recent activity including purchases from Goldman Sachs and Bank of New York Mellon.

AudioCodes (NASDAQ:AUDC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday,Zacks.com reports.

Separately, Wall Street Zen downgraded shares of AudioCodes from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $11.25.

AudioCodes Trading Down 1.6%

AUDC stock opened at $9.52 on Monday. AudioCodes has a twelve month low of $7.70 and a twelve month high of $12.72. The company has a market capitalization of $273.03 million, a P/E ratio of 21.16 and a beta of 0.93. The firm has a 50 day simple moving average of $9.83 and a 200-day simple moving average of $9.51.

Institutional Investors Weigh In On AudioCodes

Hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. bought a new stake in AudioCodes in the first quarter valued at $412,000. Two Sigma Investments LP lifted its stake in AudioCodes by 2.3% in the fourth quarter. Two Sigma Investments LP now owns 75,653 shares of the communications equipment provider's stock valued at $737,000 after buying an additional 1,674 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in AudioCodes by 18.8% in the first quarter. Bank of New York Mellon Corp now owns 62,149 shares of the communications equipment provider's stock valued at $585,000 after buying an additional 9,840 shares during the last quarter. Heartland Advisors Inc. lifted its stake in AudioCodes by 2.5% in the first quarter. Heartland Advisors Inc. now owns 880,250 shares of the communications equipment provider's stock valued at $8,292,000 after buying an additional 21,650 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in AudioCodes by 12.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 101,954 shares of the communications equipment provider's stock valued at $947,000 after buying an additional 10,936 shares during the last quarter. 68.05% of the stock is currently 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.

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