Needham Initiates a Buy Rating on Audiocodes (AUDC)

By Carrie Williams

Needham analyst Ryan Koontz initiated coverage with a Buy rating on Audiocodes (AUDCResearch Report) on June 21 and set a price target of $40.00. The company’s shares closed last Wednesday at $34.83.

According to TipRanks.com, Koontz is a 5-star analyst with an average return of 24.5% and a 67.6% success rate. Koontz covers the Technology sector, focusing on stocks such as Zoom Video Communications, CommScope Holding, and KVH Industries.

Audiocodes has an analyst consensus of Moderate Buy, with a price target consensus of $40.00.

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Based on Audiocodes’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $58.84 million and net profit of $9.99 million. In comparison, last year the company earned revenue of $52.02 million and had a net profit of $5.26 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.