BidaskClub cut shares of BroadSoft, Inc. (NASDAQ:BSFT) from a strong-buy rating to a buy rating in a research report report published on Wednesday morning.
Several other analysts also recently commented on the stock. Cowen and Company reissued an outperform rating and issued a $51.00 target price on shares of BroadSoft in a research report on Wednesday, June 28th. ValuEngine raised shares of BroadSoft from a sell rating to a hold rating in a research report on Tuesday, June 27th. Jefferies Group LLC reissued a buy rating and issued a $55.00 target price on shares of BroadSoft in a research report on Monday, June 26th. Wells Fargo & Company reissued an outperform rating and issued a $50.00 target price (up from $46.00) on shares of BroadSoft in a research report on Monday, June 19th. Finally, William Blair reissued a buy rating on shares of BroadSoft in a research report on Thursday, May 4th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $48.00.
BroadSoft (BSFT) traded up 0.83% during trading on Wednesday, hitting $42.50. 91,922 shares of the company traded hands. BroadSoft has a one year low of $33.85 and a one year high of $48.40. The firm’s market cap is $1.31 billion. The firm has a 50 day moving average of $40.54 and a 200 day moving average of $40.92.
BroadSoft (NASDAQ:BSFT) last posted its earnings results on Monday, May 1st. The software maker reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The company had revenue of $79.70 million during the quarter, compared to the consensus estimate of $80.42 million. BroadSoft had a negative net margin of 2.36% and a positive return on equity of 5.12%. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 earnings per share. On average, analysts expect that BroadSoft will post $2.28 earnings per share for the current fiscal year.
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In other BroadSoft news, insider Taher G. Behbehani sold 1,716 shares of the stock in a transaction on Friday, April 21st. The shares were sold at an average price of $38.00, for a total value of $65,208.00. Following the completion of the sale, the insider now directly owns 72,221 shares of the company’s stock, valued at approximately $2,744,398. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Fox Run Management L.L.C. acquired a new position in shares of BroadSoft during the first quarter worth about $225,000. Russell Investments Group Ltd. acquired a new position in shares of BroadSoft during the fourth quarter worth about $1,439,000. CWM LLC acquired a new position in shares of BroadSoft during the first quarter worth about $1,629,000. Cadence Capital Management LLC boosted its position in shares of BroadSoft by 6.1% in the first quarter. Cadence Capital Management LLC now owns 28,236 shares of the software maker’s stock worth $1,135,000 after buying an additional 1,625 shares in the last quarter. Finally, Virginia Retirement Systems ET AL boosted its position in shares of BroadSoft by 55.7% in the first quarter. Virginia Retirement Systems ET AL now owns 45,000 shares of the software maker’s stock worth $1,809,000 after buying an additional 16,100 shares in the last quarter.
BroadSoft, Inc is a global provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications (UC) to their enterprise customers. The BroadSoft Business solution is a communications and collaboration offering that enables telecommunications service providers to offer businesses and other enterprises UC features and functionalities on a cloud-delivered basis without the need for traditional premise-based private branch exchange (PBX) equipment.
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