AudioCodes (NASDAQ:AUDC) Shares Cross Above 200 Day Moving Average – What’s Next?

AudioCodes Ltd. (NASDAQ:AUDC)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $8.63 and traded as high as $9.39. AudioCodes shares last traded at $9.3680, with a volume of 110,458 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, AudioCodes presently has an average rating of “Hold”.

AudioCodes Price Performance

The stock has a fifty day simple moving average of $9.12 and a two-hundred day simple moving average of $8.63. The firm has a market capitalization of $238.42 million, a P/E ratio of 37.47 and a beta of 0.97.

AudioCodes (NASDAQ:AUDC) last posted its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.02). The business had revenue of $62.14 million for the quarter, compared to the consensus estimate of $61.50 million. AudioCodes had a return on equity of 6.33% and a net margin of 2.79%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC increased its stake in AudioCodes by 56.0% in the first quarter. Cubist Systematic Strategies LLC now owns 19,646 shares of the communications equipment provider’s stock valued at $185,000 after purchasing an additional 7,052 shares in the last quarter. Goldman Sachs Group Inc. bought a new position in shares of AudioCodes during the 1st quarter worth about $412,000. Jane Street Group LLC grew its stake in shares of AudioCodes by 14.2% in the 1st quarter. Jane Street Group LLC now owns 47,624 shares of the communications equipment provider’s stock valued at $449,000 after buying an additional 5,938 shares during the period. JPMorgan Chase & Co. grew its stake in shares of AudioCodes by 38.3% in the 2nd quarter. JPMorgan Chase & Co. now owns 39,306 shares of the communications equipment provider’s stock valued at $386,000 after buying an additional 10,877 shares during the period. Finally, Marshall Wace LLP grew its stake in shares of AudioCodes by 12.3% in the 2nd quarter. Marshall Wace LLP now owns 179,371 shares of the communications equipment provider’s stock valued at $1,761,000 after buying an additional 19,629 shares during the period. 68.05% of the stock is owned by institutional investors.

About AudioCodes

AudioCodes Ltd is a global provider of advanced voice networking and media processing solutions for enterprises and service providers. The company designs and manufactures a comprehensive portfolio of products, including session border controllers (SBCs), media gateways, IP phones, management and monitoring software, and cloud-based communications microservices. Its offerings support a wide range of unified communications (UC) and contact center deployments, enabling secure, high-quality voice connectivity across on-premises, hybrid and cloud environments.

Founded in 1993 and headquartered in Rosh Ha’Ayin, Israel, AudioCodes serves customers in North America, Europe, Asia-Pacific and Latin America.