Barclays Has Lowered Expectations for AudioCodes (NASDAQ:AUDC) Stock Price

AudioCodes (NASDAQ:AUDC - Free Report) had its price objective reduced by Barclays from $10.00 to $9.00 in a report released on Thursday morning,Benzinga reports. They currently have an underweight rating on the communications equipment provider's stock.

A number of other equities research analysts also recently issued reports on AUDC. StockNews.com raised AudioCodes from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, September 11th. Needham & Company LLC reissued a "buy" rating and set a $14.00 price target on shares of AudioCodes in a research report on Wednesday, July 31st.

AudioCodes Stock Up 7.3 %

Shares of NASDAQ:AUDC traded up $0.57 during midday trading on Thursday, reaching $8.35. The company's stock had a trading volume of 281,194 shares, compared to its average volume of 78,505. The firm has a market cap of $252.34 million, a price-to-earnings ratio of 18.29 and a beta of 0.86. AudioCodes has a 1 year low of $7.70 and a 1 year high of $14.45. The business has a 50 day moving average price of $9.53 and a 200 day moving average price of $10.14.

AudioCodes (NASDAQ:AUDC - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The communications equipment provider reported $0.10 EPS for the quarter, missing analysts' consensus estimates of $0.19 by ($0.09). AudioCodes had a net margin of 5.61% and a return on equity of 10.42%. The business had revenue of $60.24 million during the quarter, compared to analysts' expectations of $61.58 million. Sell-side analysts anticipate that AudioCodes will post 0.67 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AudioCodes

Several institutional investors and hedge funds have recently modified their holdings of AUDC. Assenagon Asset Management S.A. acquired a new position in shares of AudioCodes in the third quarter worth about $1,618,000. Y.D. More Investments Ltd acquired a new position in shares of AudioCodes in the second quarter worth about $1,123,000. BNP Paribas Financial Markets lifted its stake in shares of AudioCodes by 15.3% in the first quarter. BNP Paribas Financial Markets now owns 94,563 shares of the communications equipment provider's stock worth $1,233,000 after acquiring an additional 12,541 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of AudioCodes by 37.5% in the second quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider's stock worth $267,000 after acquiring an additional 7,009 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake 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 acquiring an additional 5,389 shares in the last quarter. Hedge funds and other institutional investors own 68.05% of the company's stock.

About AudioCodes

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.