BroadSoft, Inc. (NASDAQ:BSFT)’s share price shot up 6% during mid-day trading on Monday following a stronger than expected earnings report. The stock traded as high as $45.40 and last traded at $45.30, with a volume of 567,240 shares. The stock had previously closed at $42.75.
The software maker reported $0.40 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.11. BroadSoft had a positive return on equity of 5.12% and a negative net margin of 2.36%. The firm had revenue of $88.80 million for the quarter, compared to analysts’ expectations of $86.63 million. During the same period in the previous year, the firm earned $0.49 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis.
A number of research firms have recently weighed in on BSFT. BidaskClub raised BroadSoft from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 27th. ValuEngine raised BroadSoft from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Cowen and Company reissued an “outperform” rating and set a $51.00 target price on shares of BroadSoft in a research note on Wednesday, June 28th. Jefferies Group LLC reissued a “buy” rating and set a $55.00 target price on shares of BroadSoft in a research note on Monday, June 26th. Finally, Northland Securities reissued a “hold” rating and set a $42.00 target price on shares of BroadSoft in a research note on Friday, July 21st. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $46.88.
Several institutional investors have recently added to or reduced their stakes in BSFT. Fox Run Management L.L.C. bought a new position in BroadSoft during the first quarter valued at $225,000. Swiss National Bank increased its position in 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. AMI Asset Management Corp increased its position in BroadSoft by 20.2% in the second quarter. AMI Asset Management Corp now owns 342,658 shares of the software maker’s stock valued at $14,751,000 after buying an additional 57,486 shares in the last quarter. CWM LLC bought a new position in BroadSoft during the first quarter valued at $1,629,000. Finally, Cadence Capital Management LLC increased its position in 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.
The company’s market cap is $1.39 billion. The firm’s 50-day moving average is $42.89 and its 200-day moving average is $41.10.
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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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