Needham & Company LLC Cuts AudioCodes (NASDAQ:AUDC) Price Target to $11.00

by · The Markets Daily

AudioCodes (NASDAQ:AUDC – Get Free Report) had its target price lowered by research analysts at Needham & Company LLC from $14.00 to $11.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 33.66% from the stock’s previous close.

AUDC has been the subject of a number of other reports. Barclays reduced their target price on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a research note on Thursday. StockNews.com raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 11th.

Read Our Latest Research Report on AUDC

AudioCodes Price Performance

AudioCodes stock traded up $0.45 during midday trading on Thursday, hitting $8.23. 236,461 shares of the stock were exchanged, compared to its average volume of 78,298. AudioCodes has a 1 year low of $7.70 and a 1 year high of $14.45. The firm has a market cap of $248.71 million, a P/E ratio of 18.29 and a beta of 0.86. The company has a 50 day moving average price of $9.53 and a two-hundred day moving average price of $10.14.

AudioCodes (NASDAQ:AUDC – Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The communications equipment provider reported $0.10 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.09). AudioCodes had a net margin of 5.61% and a return on equity of 10.42%. The business had revenue of $60.24 million during the quarter, compared to analyst estimates of $61.58 million. As a group, analysts predict that AudioCodes will post 0.67 EPS for the current year.

Institutional Trading of AudioCodes

Large investors have recently added to or reduced their stakes in the business. Hillsdale Investment Management Inc. bought a new stake in AudioCodes in the first quarter worth approximately $159,000. XTX Topco Ltd acquired a new position in shares of AudioCodes in the 2nd quarter valued at $143,000. Quadrature Capital Ltd raised its stake in shares of AudioCodes by 26.8% in the 1st quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider’s stock valued at $228,000 after buying an additional 3,691 shares in the last quarter. Marshall Wace LLP raised its stake in shares of AudioCodes by 37.5% in the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after buying an additional 7,009 shares in the last quarter. Finally, Tidal Investments LLC acquired a new position in shares of AudioCodes in the 1st quarter valued at $340,000. 68.05% of the stock is owned by institutional investors.

AudioCodes Company Profile

(Get Free Report)

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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