AudioCodes Ltd. (NASDAQ:AUDC) Short Interest Up 14.9% in December

AudioCodes Ltd. (NASDAQ:AUDC) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 160,400 shares, an increase of 14.9% from the December 15th total of 139,600 shares. Currently, 0.8% of the shares of the stock are sold short. Based on an average daily volume of 88,800 shares, the days-to-cover ratio is currently 1.8 days.

Hedge Funds Weigh In On AudioCodes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Senvest Management LLC lifted its holdings in shares of AudioCodes by 1.5% in the third quarter. Senvest Management LLC now owns 2,580,448 shares of the communications equipment provider’s stock valued at $25,108,000 after purchasing an additional 37,080 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of AudioCodes during the third quarter worth approximately $1,618,000. JPMorgan Chase & Co. grew its position in AudioCodes by 95.1% during the third quarter. JPMorgan Chase & Co. now owns 104,037 shares of the communications equipment provider’s stock valued at $1,012,000 after purchasing an additional 50,704 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in AudioCodes by 11.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 91,287 shares of the communications equipment provider’s stock valued at $893,000 after buying an additional 9,150 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new stake in AudioCodes in the 3rd quarter worth approximately $595,000. Institutional investors and hedge funds own 68.05% of the company’s stock.

Analyst Upgrades and Downgrades

AUDC has been the topic of a number of research analyst reports. Barclays lowered their target price on AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a report on Thursday, November 7th. Needham & Company LLC cut their price objective on AudioCodes from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, StockNews.com upgraded AudioCodes from a “buy” rating to a “strong-buy” rating in a report on Monday, December 16th.

AudioCodes Trading Up 2.2 %

Shares of AUDC traded up $0.23 during midday trading on Friday, hitting $10.74. The stock had a trading volume of 52,248 shares, compared to its average volume of 81,458. The business has a 50-day simple moving average of $9.42 and a two-hundred day simple moving average of $9.84. The firm has a market cap of $324.56 million, a P/E ratio of 26.85 and a beta of 0.81. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45.

AudioCodes Company 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.