AudioCodes (NASDAQ:AUDC) Stock Rating Lowered by Zacks Investment Research

AudioCodes (NASDAQ:AUDC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday, March 9th.

According to Zacks, “AUDIOCODES LTD designs, develops and markets enabling technologies and communication components for the transmission of voice, fax and modem over packet networks. Newly developed Voice over IP gateways as well as DSL and ATM access devices, enable packet networks to carry voice and data more efficiently and at lower cost than traditional telephone networks. They are a provider of voice over packet communication components that empower the development of equipment for these emerging markets. “

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A number of other research analysts have also weighed in on AUDC. Needham & Company LLC restated a “buy” rating and issued a $9.00 target price (up previously from $8.50) on shares of AudioCodes in a report on Thursday, January 25th. William Blair restated an “outperform” rating on shares of AudioCodes in a report on Wednesday, January 24th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $8.08.

NASDAQ:AUDC traded down $0.13 on Friday, hitting $7.02. The stock had a trading volume of 33,699 shares, compared to its average volume of 66,260. The firm has a market cap of $204.69, a P/E ratio of 23.06 and a beta of 0.37. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.34 and a current ratio of 1.71. AudioCodes has a 52 week low of $5.83 and a 52 week high of $8.43.

AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings results on Wednesday, January 24th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $41.40 million for the quarter, compared to analyst estimates of $40.30 million. AudioCodes had a return on equity of 9.82% and a net margin of 2.57%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 earnings per share. equities analysts forecast that AudioCodes will post 0.3 earnings per share for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its holdings in shares of AudioCodes by 197.0% in the fourth quarter. Millennium Management LLC now owns 139,814 shares of the communications equipment provider’s stock valued at $1,029,000 after purchasing an additional 92,732 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of AudioCodes by 133.8% in the fourth quarter. Two Sigma Investments LP now owns 141,505 shares of the communications equipment provider’s stock valued at $1,041,000 after purchasing an additional 80,986 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in shares of AudioCodes by 33.7% in the fourth quarter. Renaissance Technologies LLC now owns 301,700 shares of the communications equipment provider’s stock valued at $2,221,000 after purchasing an additional 76,049 shares in the last quarter. ARK Investment Management LLC bought a new position in shares of AudioCodes in the fourth quarter valued at approximately $227,000. Finally, Ramsey Quantitative Systems bought a new position in shares of AudioCodes in the fourth quarter valued at approximately $268,000. Institutional investors own 26.25% of the company’s stock.

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About AudioCodes

AudioCodes Ltd. designs, develops and sells Voice over-Internet Protocol (VoIP) and converged VoIP, and data networking solutions, products and applications that facilitate Unified Communications (UC) and Contact Center (CC) services. The Company categorizes its products and services into two main business lines: network and technology.

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