Audiocodes (AUDC) Receives a Buy from Needham

In a report released today, Richard Valera from Needham assigned a Buy rating to Audiocodes (AUDCResearch Report), with a price target of $43.00. The company’s shares closed last Thursday at $30.80.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 21.8% and a 68.1% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

Audiocodes has an analyst consensus of Moderate Buy, with a price target consensus of $37.00, implying a 26.4% upside from current levels. In a report issued on January 11, Jefferies also maintained a Buy rating on the stock with a $38.00 price target.

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Based on Audiocodes’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $56.56 million and net profit of $6.96 million. In comparison, last year the company earned revenue of $51.41 million and had a net profit of $4.37 million.

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AudioCodes Ltd. engages in the development, manufacture, and marketing of products for transferring voice and data over the internet. Its products include products for Microsoft 365, session border controllers, multi-service business routers, internet protocol phones, digital and analog media gateways, management products and solutions, and voice applications. The company was founded by Shabtai Adlersberg in 1993 and is headquartered in Lod, Israel.