Zacks Investment Research Upgrades AudioCodes (AUDC) to “Buy”
Zacks Investment Research upgraded shares of AudioCodes (NASDAQ:AUDC) from a hold rating to a buy rating in a research report report published on Thursday. Zacks Investment Research currently has $8.25 price target on the communications equipment provider’s stock.
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. “
Several other brokerages have also recently issued reports on AUDC. William Blair reissued an outperform rating on shares of AudioCodes in a research report on Wednesday, January 24th. Needham & Company LLC reissued a buy rating and set a $9.00 price target (up previously from $8.50) on shares of AudioCodes in a research report on Thursday, January 25th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $8.08.
AudioCodes (NASDAQ:AUDC) last announced its earnings results on Wednesday, January 24th. The communications equipment provider reported $0.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.02. The company had revenue of $41.40 million during the quarter, compared to analyst estimates of $40.30 million. AudioCodes had a net margin of 2.57% and a return on equity of 9.82%. AudioCodes’s revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.08 earnings per share. equities analysts forecast that AudioCodes will post 0.3 EPS for the current year.
Institutional investors and hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. acquired a new stake in shares of AudioCodes during the third quarter worth about $713,000. Acadian Asset Management LLC lifted its position in shares of AudioCodes by 34.9% during the fourth quarter. Acadian Asset Management LLC now owns 859,182 shares of the communications equipment provider’s stock worth $6,325,000 after purchasing an additional 222,430 shares in the last quarter. First Trust Advisors LP lifted its position in shares of AudioCodes by 112.6% during the third quarter. First Trust Advisors LP now owns 105,385 shares of the communications equipment provider’s stock worth $752,000 after purchasing an additional 55,820 shares in the last quarter. Ramsey Quantitative Systems acquired a new stake in shares of AudioCodes during the fourth quarter worth about $268,000. Finally, ARK Investment Management LLC acquired a new stake in shares of AudioCodes during the fourth quarter worth about $227,000. 24.56% of the stock is currently owned by institutional investors and hedge funds.
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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