AudioCodes (NASDAQ:AUDC) Stock Passes Above 200 Day Moving Average – What’s Next?

Shares of AudioCodes Ltd. (NASDAQ:AUDC) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.67 and traded as high as $10.06. AudioCodes shares last traded at $10.04, with a volume of 135,460 shares traded.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 27th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

AudioCodes Trading Up 4.5%

The stock has a 50 day moving average price of $9.23 and a two-hundred day moving average price of $8.67. The company has a market cap of $255.56 million, a price-to-earnings ratio of 40.16 and a beta of 0.96.

AudioCodes (NASDAQ:AUDC) last announced its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). The company had revenue of $62.14 million during the quarter, compared to the consensus estimate of $61.50 million. AudioCodes had a net margin of 2.79% and a return on equity of 6.33%.

Hedge Funds Weigh In On AudioCodes

Several institutional investors have recently modified their holdings of the business. Heartland Advisors Inc. grew its position in shares of AudioCodes by 15.8% in the 1st quarter. Heartland Advisors Inc. now owns 965,734 shares of the communications equipment provider’s stock valued at $8,122,000 after purchasing an additional 131,934 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of AudioCodes by 12.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 740,560 shares of the communications equipment provider’s stock worth $6,209,000 after acquiring an additional 82,016 shares during the period. Goldman Sachs Group Inc. lifted its position in AudioCodes by 16.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 313,151 shares of the communications equipment provider’s stock valued at $2,734,000 after acquiring an additional 44,073 shares in the last quarter. Millennium Management LLC lifted its position in AudioCodes by 101.6% in the 4th quarter. Millennium Management LLC now owns 284,951 shares of the communications equipment provider’s stock valued at $2,488,000 after acquiring an additional 143,632 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in AudioCodes by 4.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 262,824 shares of the communications equipment provider’s stock worth $2,295,000 after purchasing an additional 10,056 shares during the period. Institutional investors own 68.05% of the company’s stock.

About AudioCodes

AudioCodes Ltd is a global provider of advanced voice networking and media processing solutions for enterprises and service providers. The company designs and manufactures a comprehensive portfolio of products, including session border controllers (SBCs), media gateways, IP phones, management and monitoring software, and cloud-based communications microservices. Its offerings support a wide range of unified communications (UC) and contact center deployments, enabling secure, high-quality voice connectivity across on-premises, hybrid and cloud environments.

Founded in 1993 and headquartered in Rosh Ha’Ayin, Israel, AudioCodes serves customers in North America, Europe, Asia-Pacific and Latin America.