Zacks Investment Research lowered shares of BroadSoft, Inc. (NASDAQ:BSFT) from a buy rating to a hold rating in a report published on Wednesday.
According to Zacks, “BroadSoft, Inc. is engaged in providing software that enables fixed-line, mobile and cable service providers to deliver voice and multimedia services over their Internet protocol-based, or IP-based, networks. The Company’s software, BroadWorks, enables its service provider customers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications, such as hosted IP private branch exchanges, or PBXs, video calling, unified communications, or UC, collaboration and converged mobile and fixed-line services. BroadSoft, Inc. is headquartered in Gaithersburg, Maryland. “
A number of other equities analysts have also recently issued reports on the stock. William Blair reiterated an outperform rating on shares of BroadSoft in a research report on Thursday, October 5th. Northland Securities restated a hold rating and issued a $42.00 price target on shares of BroadSoft in a research report on Wednesday, October 4th. Jefferies Group LLC restated a buy rating and issued a $55.00 price target on shares of BroadSoft in a research report on Thursday, September 28th. Needham & Company LLC upped their price target on shares of BroadSoft from $48.00 to $55.00 and gave the company a buy rating in a research report on Wednesday, September 6th. Finally, ValuEngine upgraded shares of BroadSoft from a sell rating to a hold rating in a research report on Friday, September 1st. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $49.67.
Shares of BroadSoft (NASDAQ BSFT) traded up 0.19% during mid-day trading on Wednesday, hitting $53.60. 93,496 shares of the company were exchanged. The company’s 50-day moving average price is $51.23 and its 200-day moving average price is $43.48. The firm’s market capitalization is $1.66 billion. BroadSoft has a 12-month low of $33.85 and a 12-month high of $54.70.
BroadSoft (NASDAQ:BSFT) last released its quarterly earnings data on Monday, August 7th. The software maker reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.53. The business had revenue of $88.80 million during the quarter, compared to analysts’ expectations of $86.63 million. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.49 EPS. Equities research analysts predict that BroadSoft will post $2.27 earnings per share for the current fiscal year.
In other news, insider Scott D. Hoffpauir sold 13,344 shares of the stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total transaction of $640,512.00. Following the completion of the sale, the insider now directly owns 114,398 shares in the company, valued at $5,491,104. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director John D. Jr. Markley sold 3,000 shares of the 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 sale, the director now owns 22,839 shares of the company’s stock, valued at $1,096,272. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,688 shares of company stock valued at $1,458,384. Corporate insiders own 1.50% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new stake in shares of BroadSoft during the first quarter worth $102,000. Eqis Capital Management Inc. acquired a new stake in shares of BroadSoft during the third quarter worth $208,000. Pitcairn Co. acquired a new stake in shares of BroadSoft during the second quarter worth $222,000. US Bancorp DE increased its position in shares of BroadSoft by 9.6% during the second quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after buying an additional 579 shares during the period. Finally, Wrapmanager Inc. acquired a new stake in shares of BroadSoft during the second quarter worth $300,000.
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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