Short Interest in AudioCodes Ltd. (NASDAQ:AUDC) Drops By 36.9%

AudioCodes Ltd. (NASDAQ:AUDC) was the recipient of a large drop in short interest in the month of December. As of December 15th, there was short interest totalling 139,600 shares, a drop of 36.9% from the November 30th total of 221,200 shares. Based on an average daily volume of 80,300 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.7% of the company’s stock are short sold.

AudioCodes Stock Down 1.2 %

Shares of NASDAQ:AUDC traded down $0.11 during midday trading on Friday, hitting $9.43. The stock had a trading volume of 51,584 shares, compared to its average volume of 77,920. The company has a market capitalization of $284.95 million, a P/E ratio of 23.58 and a beta of 0.84. The company’s 50-day moving average price is $9.11 and its 200-day moving average price is $9.84. AudioCodes has a fifty-two week low of $7.70 and a fifty-two week high of $14.45.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Needham & Company LLC dropped their price objective on AudioCodes from $14.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. StockNews.com raised shares of AudioCodes from a “buy” rating to a “strong-buy” rating in a research report on Monday, December 16th. Finally, Barclays lowered their price objective on shares of AudioCodes from $10.00 to $9.00 and set an “underweight” rating on the stock in a research note on Thursday, November 7th.

Institutional Investors Weigh In On AudioCodes

A number of large investors have recently modified their holdings of the business. XTX Topco Ltd bought a new stake in shares of AudioCodes during the 2nd quarter valued at approximately $143,000. DGS Capital Management LLC lifted its stake in shares of AudioCodes by 72.8% in the 3rd quarter. DGS Capital Management LLC now owns 21,672 shares of the communications equipment provider’s stock valued at $211,000 after acquiring an additional 9,133 shares during the last quarter. Marshall Wace LLP increased its holdings in AudioCodes by 37.5% in the 2nd quarter. Marshall Wace LLP now owns 25,683 shares of the communications equipment provider’s stock worth $267,000 after purchasing an additional 7,009 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of 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 valued at $551,000 after purchasing an additional 5,389 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of AudioCodes during the third quarter worth about $595,000. Institutional investors and hedge funds own 68.05% of the company’s stock.

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.