BroadSoft, Inc. (NASDAQ:BSFT) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, July 24th.
A number of other research firms also recently weighed in on BSFT. Dougherty & Co decreased their price target on shares of BroadSoft from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Tuesday, May 2nd. Needham & Company LLC decreased their price target on shares of BroadSoft from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Tuesday, May 2nd. William Blair reiterated a “buy” rating on shares of BroadSoft in a research note on Thursday, May 4th. Jefferies Group LLC reiterated a “buy” rating and set a $55.00 price target on shares of BroadSoft in a research note on Monday, June 26th. Finally, Cowen and Company decreased their price target on shares of BroadSoft from $54.00 to $51.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 2nd. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. BroadSoft presently has an average rating of “Buy” and an average target price of $46.88.
BroadSoft (NASDAQ:BSFT) traded down 2.06% on Monday, hitting $42.75. 958,604 shares of the stock were exchanged. BroadSoft has a 1-year low of $33.85 and a 1-year high of $48.40. The company’s 50 day moving average is $42.89 and its 200 day moving average is $41.10. The stock’s market cap is $1.31 billion.
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Several large investors have recently modified their holdings of BSFT. Fox Run Management L.L.C. purchased a new stake in shares of BroadSoft during the first quarter valued at approximately $225,000. Swiss National Bank increased its stake in shares of BroadSoft by 3.1% in the first quarter. Swiss National Bank now owns 49,700 shares of the software maker’s stock valued at $1,998,000 after buying an additional 1,500 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of BroadSoft during the fourth quarter valued at approximately $1,439,000. CWM LLC purchased a new stake in shares of BroadSoft during the first quarter valued at approximately $1,629,000. Finally, Cadence Capital Management LLC increased its stake 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 valued at $1,135,000 after buying an additional 1,625 shares in the last quarter.
About BroadSoft
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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