Short Interest in AudioCodes Ltd. (NASDAQ:AUDC) Decreases By 36.9%

AudioCodes Ltd. (NASDAQ:AUDC - Get Free Report) was the target of a large decline in short interest in December. As of December 15th, there was short interest totalling 139,600 shares, a decline of 36.9% from the November 30th total of 221,200 shares. Based on an average daily volume of 80,300 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.7% of the company's stock are short sold.

AudioCodes Price Performance

Shares of AUDC traded down $0.11 during midday trading on Friday, hitting $9.43. 51,584 shares of the company traded hands, compared to its average volume of 77,920. AudioCodes has a one year low of $7.70 and a one year high of $14.45. The firm has a market cap of $284.95 million, a P/E ratio of 23.58 and a beta of 0.84. The stock has a 50-day moving average of $9.12 and a 200-day moving average of $9.85.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on AUDC shares. Barclays reduced their target price on AudioCodes from $10.00 to $9.00 and set an "underweight" rating for the company in a report on Thursday, November 7th. Needham & Company LLC lowered their price target on shares of AudioCodes from $14.00 to $11.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Finally, StockNews.com upgraded shares of AudioCodes from a "buy" rating to a "strong-buy" rating in a research note on Monday, December 16th.

Institutional Trading of AudioCodes

Institutional investors and hedge funds have recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes during the 3rd quarter valued at $1,618,000. Public Employees Retirement System of Ohio purchased a new position in shares of AudioCodes in the 3rd quarter worth about $595,000. Y.D. More Investments Ltd purchased a new position in shares of AudioCodes during the second quarter worth approximately $1,123,000. Marshall Wace LLP grew its holdings in shares of AudioCodes by 37.5% during the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider's stock valued at $267,000 after purchasing an additional 7,009 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of 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 worth $551,000 after buying an additional 5,389 shares during the period. 68.05% of the stock is currently owned by hedge funds and other institutional investors.

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.