AudioCodes (NASDAQ:AUDC) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of AudioCodes (NASDAQ:AUDC) from a hold rating to a strong-buy rating in a report released on Saturday.

Several other equities research analysts also recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of AudioCodes in a research note on Wednesday, October 8th. Zacks Research upgraded AudioCodes from a “strong sell” rating to a “hold” rating in a research note on Monday, September 29th. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $11.25.

AudioCodes Trading Up 0.5%

Shares of AUDC opened at $9.28 on Friday. The company’s fifty day simple moving average is $9.56 and its 200 day simple moving average is $9.51. AudioCodes has a 1-year low of $8.01 and a 1-year high of $12.72. The company has a market cap of $266.12 million, a price-to-earnings ratio of 20.62 and a beta of 0.94.

Institutional Investors Weigh In On AudioCodes

Hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in shares of AudioCodes in the second quarter valued at approximately $43,000. Jump Financial LLC bought a new stake in AudioCodes in the 2nd quarter valued at $127,000. Cubist Systematic Strategies LLC boosted its stake in AudioCodes by 56.0% in the 1st quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 7,052 shares during the period. Exchange Traded Concepts LLC grew its holdings in AudioCodes by 4.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 27,217 shares of the communications equipment provider’s stock valued at $259,000 after buying an additional 1,132 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in AudioCodes by 38.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 39,306 shares of the communications equipment provider’s stock valued at $386,000 after buying an additional 10,877 shares in the last quarter. 68.05% of the stock is currently 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.