Tealwood Asset Management Inc. increased its stake in BroadSoft, Inc. (NASDAQ:BSFT) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,260 shares of the software maker’s stock after buying an additional 435 shares during the period. Tealwood Asset Management Inc. owned approximately 0.22% of BroadSoft worth $2,852,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. BlackRock Inc. increased its stake in BroadSoft by 86,871.0% in the first quarter. BlackRock Inc. now owns 2,208,194 shares of the software maker’s stock valued at $88,770,000 after buying an additional 2,205,655 shares during the last quarter. Clearbridge Investments LLC increased its position in shares of BroadSoft by 45.2% in the first quarter. Clearbridge Investments LLC now owns 1,868,977 shares of the software maker’s stock worth $75,133,000 after buying an additional 581,922 shares in the last quarter. Norges Bank acquired a new position in shares of BroadSoft during the fourth quarter worth $6,559,000. TimesSquare Capital Management LLC increased its position in shares of BroadSoft by 20.8% in the first quarter. TimesSquare Capital Management LLC now owns 914,297 shares of the software maker’s stock worth $36,755,000 after buying an additional 157,680 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of BroadSoft by 6.6% in the first quarter. Vanguard Group Inc. now owns 2,441,084 shares of the software maker’s stock worth $98,132,000 after buying an additional 150,680 shares in the last quarter.
BroadSoft, Inc. (BSFT) opened at 42.75 on Friday. The company has a 50 day moving average price of $42.89 and a 200-day moving average price of $41.10. The firm’s market capitalization is $1.31 billion. BroadSoft, Inc. has a 52 week low of $33.85 and a 52 week high of $48.40.
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A number of equities analysts have recently weighed in on the company. Dougherty & Co dropped their target price on BroadSoft from $50.00 to $44.00 and set a “buy” rating on the stock in a report on Tuesday, May 2nd. Northland Securities reiterated a “hold” rating and issued a $42.00 target price on shares of BroadSoft in a report on Friday, July 21st. Jefferies Group LLC reissued a “buy” rating and issued a $55.00 price target on shares of BroadSoft in a research note on Monday, June 26th. Wells Fargo & Company reissued an “outperform” rating and issued a $50.00 price target (up previously from $46.00) on shares of BroadSoft in a research note on Monday, June 19th. Finally, Cowen and Company reissued an “outperform” rating and issued a $51.00 price target on shares of BroadSoft in a research note on Wednesday, June 28th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. BroadSoft presently has an average rating of “Buy” and a consensus price target of $46.88.
BroadSoft Company Profile
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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