AudioCodes (NASDAQ:AUDC) Upgraded at StockNews.com

StockNews.com upgraded shares of AudioCodes (NASDAQ:AUDC) from a buy rating to a strong-buy rating in a report issued on Wednesday.

Separately, Needham & Company LLC reiterated a buy rating and issued a $14.00 target price on shares of AudioCodes in a research note on Wednesday, July 31st.

AudioCodes Stock Performance

AUDC opened at $9.87 on Wednesday. AudioCodes has a one year low of $7.14 and a one year high of $14.45. The stock has a market capitalization of $298.27 million, a P/E ratio of 27.42 and a beta of 0.87. The business’s 50-day simple moving average is $10.63 and its 200-day simple moving average is $11.04.

AudioCodes (NASDAQ:AUDC) last issued its quarterly earnings data on Tuesday, July 30th. The communications equipment provider reported $0.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.11. The company had revenue of $60.30 million during the quarter, compared to analysts’ expectations of $59.93 million. AudioCodes had a return on equity of 10.42% and a net margin of 5.61%. On average, equities research analysts forecast that AudioCodes will post 0.67 EPS for the current fiscal year.

AudioCodes Announces Dividend

The company also recently disclosed a Semi-Annual dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, August 15th. This represents a yield of 3.3%. AudioCodes’s dividend payout ratio is presently 100.00%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. XTX Topco Ltd purchased a new position in shares of AudioCodes during the 2nd quarter worth approximately $143,000. Hillsdale Investment Management Inc. acquired a new stake in AudioCodes during the 1st quarter valued at $159,000. Quadrature Capital Ltd purchased a new position in AudioCodes during the fourth quarter worth $166,000. New York State Common Retirement Fund raised its holdings in shares of AudioCodes by 163.8% in the fourth quarter. New York State Common Retirement Fund now owns 15,828 shares of the communications equipment provider’s stock worth $191,000 after acquiring an additional 9,827 shares during the last quarter. Finally, Marshall Wace LLP lifted its position in shares of AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock valued at $267,000 after acquiring an additional 7,009 shares in the last quarter. Institutional investors and hedge funds 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.