AudioCodes (NASDAQ:AUDC) Lowered to Hold Rating by Wall Street Zen

AudioCodes (NASDAQ:AUDC) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Separately, Needham & Company LLC restated a “buy” rating and set a $12.50 price objective on shares of AudioCodes in a research note on Wednesday, May 7th.

AudioCodes Trading Up 1.6%

NASDAQ:AUDC opened at $9.63 on Friday. The firm’s fifty day simple moving average is $9.04 and its 200 day simple moving average is $9.83. AudioCodes has a twelve month low of $7.70 and a twelve month high of $12.72. The firm has a market capitalization of $285.82 million, a price-to-earnings ratio of 19.26 and a beta of 0.88.

Hedge Funds Weigh In On AudioCodes

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its stake in shares of AudioCodes by 151.8% during the fourth quarter. Blue Trust Inc. now owns 3,624 shares of the communications equipment provider’s stock valued at $35,000 after purchasing an additional 2,185 shares during the period. Norges Bank acquired a new stake in AudioCodes during the 4th quarter valued at $120,000. Cubist Systematic Strategies LLC increased its stake in AudioCodes by 56.0% during the 1st quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock worth $185,000 after buying an additional 7,052 shares during the period. Jane Street Group LLC purchased a new stake in AudioCodes during the 4th quarter worth $406,000. Finally, Goldman Sachs Group Inc. acquired a new position in AudioCodes in the 1st quarter worth $412,000. 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.