AudioCodes (NASDAQ:AUDC) Cut to Buy at Wall Street Zen
by Renee Jackson · The Cerbat GemWall Street Zen lowered shares of AudioCodes (NASDAQ:AUDC – Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.
Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of AudioCodes in a research note on Monday, November 2nd. One investment analyst has rated the stock with a Hold rating. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold”.
View Our Latest Stock Report on AUDC
AudioCodes Price Performance
NASDAQ:AUDC opened at $8.50 on Friday. The company has a market cap of $205.28 million, a price-to-earnings ratio of 20.74 and a beta of 0.98. AudioCodes has a 1 year low of $6.95 and a 1 year high of $11.74. The stock’s 50 day simple moving average is $10.47 and its two-hundred day simple moving average is $9.31.
AudioCodes (NASDAQ:AUDC – Get Free Report) last posted its earnings results on Wednesday, November 4th. The communications equipment provider reported $0.16 EPS for the quarter, meeting analysts’ consensus estimates of $0.16. The firm had revenue of $64.14 million during the quarter, compared to the consensus estimate of $63.40 million. AudioCodes had a return on equity of 6.54% and a net margin of 3.16%.
Insider Activity at AudioCodes
In other news, Director Zehava Simon sold 27,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $9.91, for a total transaction of $267,570.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Shabtai Adlersberg acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, November 5th. The shares were acquired at an average price of $7.94 per share, with a total value of $79,400.00. Following the acquisition, the chief executive officer owned 4,962,253 shares in the company, valued at $39,400,288.82. This trade represents a 0.20% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 48.80% of the stock is owned by insiders.
Hedge Funds Weigh In On AudioCodes
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Heartland Advisors Inc. grew its holdings in AudioCodes by 15.8% during the 1st quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider’s stock worth $8,122,000 after acquiring an additional 131,934 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of AudioCodes by 12.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider’s stock valued at $6,209,000 after purchasing an additional 82,016 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of AudioCodes by 9.0% in the 1st quarter. Bank of New York Mellon Corp now owns 85,398 shares of the communications equipment provider’s stock valued at $718,000 after purchasing an additional 7,019 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of AudioCodes in the 2nd quarter worth approximately $592,000. Finally, NewEdge Advisors LLC lifted its position in shares of AudioCodes by 49.5% in the 1st quarter. NewEdge Advisors LLC now owns 25,607 shares of the communications equipment provider’s stock worth $215,000 after purchasing an additional 8,475 shares during the period. Institutional investors own 68.05% of the company’s stock.
AudioCodes Company Profile
AudioCodes Ltd. (NASDAQ: AUDC) is an Israeli provider of advanced voice and communications technologies for enterprises, service providers and telecommunications operators. The company develops solutions that enable organizations to deploy, manage and optimize business voice services across private, public and hybrid communications networks.
Its portfolio includes session border controllers, media gateways, voice network products, professional services and cloud-based communications solutions.