AudioCodes (NASDAQ:AUDC) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

AudioCodes Ltd. (NASDAQ:AUDC)’s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.57 and traded as high as $9.80. AudioCodes shares last traded at $9.77, with a volume of 96,662 shares.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered AudioCodes from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

AudioCodes Price Performance

The firm has a fifty day simple moving average of $9.01 and a 200 day simple moving average of $8.58. The company has a market capitalization of $239.23 million, a price-to-earnings ratio of 37.60 and a beta of 0.97.

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

Hedge Funds Weigh In On AudioCodes

Several hedge funds and other institutional investors have recently made changes to their positions in AUDC. Raymond James Financial Inc. purchased a new position in shares of AudioCodes in the second quarter valued at approximately $43,000. Barclays PLC raised its stake in AudioCodes by 3,621.4% during the fourth quarter. Barclays PLC now owns 7,294 shares of the communications equipment provider’s stock worth $64,000 after purchasing an additional 7,098 shares during the period. Jump Financial LLC purchased a new position in AudioCodes during the second quarter worth about $127,000. NewEdge Advisors LLC acquired a new stake in AudioCodes during the fourth quarter worth $150,000. Finally, SIH Partners LLLP purchased a new stake in AudioCodes in the third quarter valued at $170,000. Hedge funds and other institutional investors own 68.05% of the company’s stock.

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.