Westfield Capital Management Co. LP decreased its holdings in shares of BroadSoft, Inc. (NASDAQ:BSFT) by 50.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 395,776 shares of the software maker’s stock after selling 406,768 shares during the quarter. Westfield Capital Management Co. LP owned approximately 1.29% of BroadSoft worth $17,038,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Cipher Capital LP acquired a new position in BroadSoft during the second quarter worth $1,856,000. Renaissance Group LLC boosted its holdings in BroadSoft by 16.9% during the second quarter. Renaissance Group LLC now owns 8,285 shares of the software maker’s stock worth $357,000 after purchasing an additional 1,196 shares during the last quarter. Kennedy Capital Management Inc. acquired a new position in BroadSoft during the second quarter worth $10,371,000. OLD National Bancorp IN acquired a new position in BroadSoft during the second quarter worth $382,000. Finally, Scout Investments Inc. boosted its holdings in BroadSoft by 3.9% during the second quarter. Scout Investments Inc. now owns 149,950 shares of the software maker’s stock worth $6,455,000 after purchasing an additional 5,650 shares during the last quarter.
Several research analysts recently commented on the stock. Robert W. Baird increased their target price on shares of BroadSoft from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, August 8th. Needham & Company LLC increased their target price on shares of BroadSoft from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Wednesday, September 6th. William Blair restated a “buy” rating on shares of BroadSoft in a report on Wednesday, August 9th. ValuEngine upgraded shares of BroadSoft from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Finally, Jefferies Group LLC restated a “buy” rating and set a $55.00 target price on shares of BroadSoft in a report on Monday, June 26th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. BroadSoft presently has a consensus rating of “Buy” and a consensus price target of $48.38.
In other news, insider Scott D. Hoffpauir sold 8,896 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $50.00, for a total value of $444,800.00. Following the completion of the sale, the insider now owns 105,502 shares in the company, valued at approximately $5,275,100. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John D. Jr. Markley sold 3,000 shares of the company’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. Following the completion of the sale, the director now owns 22,839 shares of the company’s stock, valued at approximately $1,096,272. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,240 shares of company stock valued at $1,229,312. Company insiders own 1.50% of the company’s stock.
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Shares of BroadSoft, Inc. (NASDAQ:BSFT) traded down 0.10% during mid-day trading on Tuesday, reaching $51.70. 8,725 shares of the company’s stock were exchanged. The company’s market cap is $1.60 billion. BroadSoft, Inc. has a 52-week low of $33.85 and a 52-week high of $52.15. The company’s 50-day moving average price is $46.07 and its 200 day moving average price is $41.90.
BroadSoft (NASDAQ:BSFT) last posted its earnings results on Monday, August 7th. The software maker reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.53. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The firm had revenue of $88.80 million during the quarter, compared to analyst estimates of $86.63 million. During the same quarter in the prior year, the business posted $0.49 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts predict that BroadSoft, Inc. will post $2.27 EPS for the current year.
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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