Short Interest in AudioCodes Ltd. (NASDAQ:AUDC) Declines By 24.8%

AudioCodes Ltd. (NASDAQ:AUDC) was the target of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 221,200 shares, a decrease of 24.8% from the November 15th total of 294,100 shares. Based on an average trading volume of 83,400 shares, the short-interest ratio is presently 2.7 days. Currently, 1.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in AUDC. Vanguard Group Inc. increased its position in AudioCodes by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 852,899 shares of the communications equipment provider’s stock valued at $11,122,000 after acquiring an additional 23,104 shares during the period. Bank of New York Mellon Corp increased its holdings in AudioCodes by 11.3% in the second quarter. Bank of New York Mellon Corp now owns 53,105 shares of the communications equipment provider’s stock valued at $551,000 after purchasing an additional 5,389 shares during the period. ARK Investment Management LLC raised its position in AudioCodes by 9.5% during the 2nd quarter. ARK Investment Management LLC now owns 202,182 shares of the communications equipment provider’s stock worth $2,099,000 after purchasing an additional 17,589 shares during the last quarter. Taylor Frigon Capital Management LLC lifted its holdings in AudioCodes by 85.3% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 441,878 shares of the communications equipment provider’s stock worth $4,587,000 after buying an additional 203,399 shares during the period. Finally, Y.D. More Investments Ltd bought a new stake in shares of AudioCodes in the 2nd quarter valued at about $1,123,000. Institutional investors and hedge funds own 68.05% of the company’s stock.

AudioCodes Price Performance

AUDC stock traded down $0.02 during midday trading on Friday, reaching $9.24. 34,602 shares of the stock were exchanged, compared to its average volume of 77,734. The stock has a market capitalization of $279.21 million, a PE ratio of 23.10 and a beta of 0.84. AudioCodes has a 52 week low of $7.70 and a 52 week high of $14.45. The company has a fifty day moving average price of $9.13 and a 200 day moving average price of $9.88.

Analyst Ratings Changes

A number of brokerages have issued reports on AUDC. Needham & Company LLC decreased their target price on shares of AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. StockNews.com downgraded AudioCodes from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 7th. Finally, Barclays dropped their price objective on AudioCodes from $10.00 to $9.00 and set an “underweight” rating for the company in a report on Thursday, November 7th.

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.