AudioCodes Analysts Boost Their Forecasts Following Better-Than-Expected Earnings

AudioCodes Ltd. AUDC reported better-than-expected fourth-quarter earnings on Tuesday.

The company posted quarterly earnings of 37 cents per share which beat the analyst consensus estimate of 23 cents per share. The company reported quarterly sales of $61.554 million which beat the analyst consensus estimate of $61.510 million.

“I am pleased to report solid fourth quarter performance, with healthy growth in key business lines, taking us further on our transformative evolution to a cloud software and services company,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.

AudioCodes shares gained 5.3% to close at $10.66 on Tuesday.

These analysts made changes to their price targets on AudioCodes following earnings announcement.

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• Needham analyst Ryan Koontz maintained AudioCodes with a Buy and raised the price target from $11 to $12.5.
• Barclays analyst Ryan Macwilliams maintained the stock with an Underweight rating and increased the price target from $9 to $10.

Considering buying AUDC stock? Here’s what analysts think:

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