Audiocodes (AUDC) was Downgraded to a Hold Rating at Needham

In a report released today, Richard Valera from Needham downgraded Audiocodes (AUDCResearch Report) to Hold. The company’s shares closed last Tuesday at $33.75, close to its 52-week high of $34.95.

According to TipRanks.com, Valera is a 5-star analyst with an average return of 9.8% and a 61.9% success rate. Valera covers the Technology sector, focusing on stocks such as Zoom Video Communications, Trimble Navigation, and Altair Engineering.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Audiocodes with a $28.00 average price target.

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Based on Audiocodes’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $52.02 million and net profit of $5.26 million. In comparison, last year the company earned revenue of $46.58 million and had a net profit of $3.05 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.