AudioCodes Ltd. (NASDAQ:AUDC) currently trades at $6.31 which is about -4.39% lower than the 52-week high of $6.80. The trading volume at ready counter moved to 218,303.00 shares as compared to 115,512.00 shares average traded volume. The stock failed to get pushed above the $6.60 barrier, the intraday high, after opening at $6.56. Analysts have a consensus target price of $6.00 in the 12-month period. Its market capitalization has now reached to $218.28M.
AudioCodes Ltd. (NASDAQ:AUDC) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Strong buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 1 has assigned a hold rating, 1 says it’s a buy and 2 have assigned a strong buy rating to the company.
AudioCodes Ltd. (AUDC) on January 31, 2017 announced financial results for the fourth quarter and full year periods ended December 31, 2016.
Revenues for the fourth quarter of 2016 were $37.8 million, compared to $37.2 million for the third quarter of 2016 and $35.6 million for the fourth quarter of 2015. Revenues were $145.6 million in 2016 compared to $139.8 million in 2015.
During the fourth quarter of 2016, the Company made sales to Avaya of $645,000 which remained unpaid. On January 19, 2017, Avaya Inc. announced that it had filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. As a result, the revenues related to these sales were recorded by the Company as unpaid deferred revenues and were not included in revenues reported for the fourth quarter. These unpaid revenues were also not included in trade receivables in the Company’s balance sheet as of December 31, 2016.
Net income was $14.8 million, or $0.44 per diluted share, for the fourth quarter of 2016 compared to $2.8 million, or $0.07 per diluted share, for the fourth quarter of 2015. Net income in 2016 was $16.2 million or $0.45 per diluted share, compared to $366,000, or $0.01 per diluted share, in 2015.
Net income per diluted share included $0.34 in the fourth quarter of 2016 and $0.32 in the full 2016 year as a result of the tax benefit described below.
On a Non-GAAP basis, quarterly net income was $2.6 million, or $0.08 per diluted share, compared to $2.8 million, or $0.07 per diluted share, in the fourth quarter last year. Non-GAAP net income in 2016 was $9.4 million, or $0.26 per diluted share, compared to $5.9 million, or $0.14 per diluted share, in 2015.