AudioCodes (NASDAQ:AUDC) Price Target Cut to $14.00

AudioCodes (NASDAQ:AUDC) had its target price dropped by research analysts at Needham & Company LLC from $18.00 to $14.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 41.27% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. Barclays dropped their price objective on shares of AudioCodes from $12.00 to $10.00 and set an “underweight” rating on the stock in a research report on Wednesday. StockNews.com raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th.

AudioCodes Stock Up 0.3 %

AudioCodes stock traded up $0.03 during mid-day trading on Thursday, hitting $9.91. 60,742 shares of the company’s stock were exchanged, compared to its average volume of 79,735. AudioCodes has a fifty-two week low of $7.14 and a fifty-two week high of $14.45. The company’s 50 day simple moving average is $12.16 and its 200-day simple moving average is $11.70. The firm has a market capitalization of $300.51 million, a P/E ratio of 35.39, a PEG ratio of 0.65 and a beta of 0.84.

AudioCodes (NASDAQ:AUDC) last announced its earnings results on Tuesday, February 6th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.04. The business had revenue of $63.56 million for the quarter, compared to analyst estimates of $64.18 million. AudioCodes had a return on equity of 7.35% and a net margin of 3.59%. Research analysts expect that AudioCodes will post 0.68 EPS for the current year.

Institutional Investors Weigh In On AudioCodes

Several large investors have recently modified their holdings of the stock. Raymond James Financial Services Advisors Inc. purchased a new position in AudioCodes in the 3rd quarter valued at approximately $116,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of AudioCodes during the 3rd quarter worth $134,000. Quadrature Capital Ltd bought a new stake in shares of AudioCodes during the 4th quarter worth $166,000. Cornerstone Investment Partners LLC bought a new stake in AudioCodes in the fourth quarter worth $173,000. Finally, Atria Wealth Solutions Inc. bought a new stake in AudioCodes in the third quarter worth $188,000. Hedge funds and other institutional investors own 68.05% of the company’s stock.

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.