Assenagon Asset Management S.A. Takes $1.62 Million Position in AudioCodes Ltd. (NASDAQ:AUDC)

Assenagon Asset Management S.A. bought a new stake in AudioCodes Ltd. (NASDAQ:AUDC - Free Report) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund bought 165,598 shares of the communications equipment provider's stock, valued at approximately $1,618,000. Assenagon Asset Management S.A. owned approximately 0.55% of AudioCodes at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. XTX Topco Ltd purchased a new stake in AudioCodes during the 2nd quarter worth approximately $143,000. Hillsdale Investment Management Inc. purchased a new stake in shares of AudioCodes during the first quarter worth $159,000. Quadrature Capital Ltd raised its stake in shares of AudioCodes by 26.8% in the first quarter. Quadrature Capital Ltd now owns 17,460 shares of the communications equipment provider's stock valued at $228,000 after acquiring an additional 3,691 shares in the last quarter. Marshall Wace LLP boosted its holdings in AudioCodes by 37.5% in the second 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 period. Finally, Tidal Investments LLC acquired a new position in AudioCodes during the 1st quarter worth $340,000. Institutional investors and hedge funds own 68.05% of the company's stock.

AudioCodes Stock Down 0.9 %

AudioCodes stock traded down $0.08 during midday trading on Friday, reaching $9.13. The company's stock had a trading volume of 70,502 shares, compared to its average volume of 75,913. The business has a 50-day simple moving average of $9.66 and a 200-day simple moving average of $10.19. The company has a market cap of $275.91 million, a P/E ratio of 20.29 and a beta of 0.86. AudioCodes Ltd. has a fifty-two week low of $8.71 and a fifty-two week high of $14.45.

AudioCodes (NASDAQ:AUDC - Get Free Report) last posted its earnings results on Tuesday, July 30th. The communications equipment provider reported $0.11 earnings per share for the quarter, hitting the consensus estimate of $0.11. The firm had revenue of $60.30 million during the quarter, compared to analysts' expectations of $59.93 million. AudioCodes had a return on equity of 10.42% and a net margin of 5.61%. As a group, equities analysts forecast that AudioCodes Ltd. will post 0.67 earnings per share for the current year.

Analyst Ratings Changes

AUDC has been the subject of several recent research reports. StockNews.com upgraded AudioCodes from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, September 11th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of AudioCodes in a report on Wednesday, July 31st.

AudioCodes 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.