AudioCodes (NASDAQ:AUDC) Given New $10.00 Price Target at Barclays

AudioCodes (NASDAQ:AUDC - Get Free Report) had its price objective raised by investment analysts at Barclays from $9.00 to $10.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an "underweight" rating on the communications equipment provider's stock. Barclays's price target would indicate a potential downside of 18.17% from the company's previous close.

Several other research firms also recently commented on AUDC. Needham & Company LLC reaffirmed a "buy" rating and issued a $11.00 price objective on shares of AudioCodes in a report on Tuesday, January 21st. StockNews.com raised AudioCodes from a "buy" rating to a "strong-buy" rating in a research report on Wednesday.

AudioCodes Price Performance

AudioCodes stock traded down $0.15 during mid-day trading on Wednesday, reaching $12.22. 114,606 shares of the company traded hands, compared to its average volume of 121,751. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.04. The firm's fifty day moving average is $10.03 and its two-hundred day moving average is $9.83. The company has a market capitalization of $369.29 million, a price-to-earnings ratio of 24.44 and a beta of 0.80.

AudioCodes (NASDAQ:AUDC - Get Free Report) last issued its earnings results on Tuesday, February 4th. The communications equipment provider reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.09. AudioCodes had a return on equity of 10.47% and a net margin of 6.32%. As a group, equities research analysts predict that AudioCodes will post 0.7 earnings per share for the current year.

Hedge Funds Weigh In On AudioCodes

A number of large investors have recently bought and sold shares of AUDC. Marshall Wace LLP increased its stake in shares of AudioCodes by 37.5% during the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider's stock worth $267,000 after purchasing an additional 7,009 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of AudioCodes during the third quarter worth approximately $1,618,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in AudioCodes by 11.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider's stock valued at $893,000 after purchasing an additional 9,150 shares in the last quarter. Senvest Management LLC grew its holdings in shares of AudioCodes by 1.5% during the third quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider's stock worth $25,108,000 after buying an additional 37,080 shares in the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of AudioCodes in the third quarter worth about $595,000. Institutional investors and hedge funds own 68.05% of the company's stock.

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.