BroadSoft, Inc. (NASDAQ:BSFT)’s share price traded up 6% during trading on Monday following a stronger than expected earnings report. The company traded as high as $45.40 and last traded at $45.30, with a volume of 567,240 shares changing hands. The stock had previously closed at $42.75.
The software maker reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.53. The company had revenue of $88.80 million during the quarter, compared to analyst estimates of $86.63 million. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the business posted $0.49 EPS.
A number of equities research analysts have issued reports on BSFT shares. Needham & Company LLC decreased their target price on shares of BroadSoft from $48.00 to $44.00 and set a “buy” rating for the company in a research note on Tuesday, May 2nd. BidaskClub raised shares of BroadSoft from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 27th. William Blair reaffirmed a “buy” rating on shares of BroadSoft in a research note on Thursday, May 4th. Cowen and Company reissued a “buy” rating and set a $51.00 target price on shares of BroadSoft in a research report on Friday, July 28th. Finally, ValuEngine raised shares of BroadSoft from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. BroadSoft currently has a consensus rating of “Buy” and an average target price of $47.00.
Several hedge funds and other institutional investors have recently bought and sold shares of BSFT. Oxford Asset Management acquired a new stake in BroadSoft during the first quarter worth $525,000. Airain ltd acquired a new stake in BroadSoft during the first quarter worth $304,000. Campbell & CO Investment Adviser LLC acquired a new stake in BroadSoft during the first quarter worth $326,000. Virginia Retirement Systems ET AL boosted its stake in 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 during the last quarter. Finally, Symphony Asset Management LLC boosted its stake in BroadSoft by 36.6% in the first quarter. Symphony Asset Management LLC now owns 49,839 shares of the software maker’s stock worth $2,004,000 after buying an additional 13,352 shares during the last quarter.
The firm’s market cap is $1.37 billion. The firm’s 50 day moving average price is $43.33 and its 200-day moving average price is $41.25.
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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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