AudioCodes Ltd. (NASDAQ:AUDC) Short Interest Update

AudioCodes Ltd. (NASDAQ:AUDC) saw a large drop in short interest during the month of November. As of November 30th, there was short interest totalling 221,200 shares, a drop of 24.8% from the November 15th total of 294,100 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average trading volume of 83,400 shares, the days-to-cover ratio is currently 2.7 days.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AUDC. StockNews.com downgraded shares of AudioCodes from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 7th. Barclays lowered their target price on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Thursday, November 7th. Finally, Needham & Company LLC cut their price target on AudioCodes from $14.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, November 7th.

Institutional Trading of AudioCodes

A number of hedge funds and other institutional investors have recently bought and sold shares of AUDC. Assenagon Asset Management S.A. bought a new position in AudioCodes in the 3rd quarter valued at $1,618,000. Y.D. More Investments Ltd bought a new stake in AudioCodes during the second quarter valued at $1,123,000. Marshall Wace LLP grew its position in 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 buying an additional 7,009 shares in the last quarter. Bank of New York Mellon Corp grew its position in AudioCodes by 11.3% during 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 buying an additional 5,389 shares in the last quarter. Finally, ARK Investment Management LLC increased its stake in AudioCodes by 9.5% in the 2nd quarter. ARK Investment Management LLC now owns 202,182 shares of the communications equipment provider’s stock worth $2,099,000 after acquiring an additional 17,589 shares during the last quarter. Institutional investors own 68.05% of the company’s stock.

AudioCodes Price Performance

Shares of AUDC traded down $0.02 during midday trading on Friday, hitting $9.24. 34,602 shares of the company traded hands, compared to its average volume of 77,734. AudioCodes has a one year low of $7.70 and a one year high of $14.45. The firm has a market cap of $279.23 million, a P/E ratio of 23.10 and a beta of 0.84. The stock has a 50-day moving average of $9.14 and a 200-day moving average of $9.89.

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.