Clearbridge Investments LLC lowered its stake in BroadSoft Inc (NASDAQ:BSFT) by 69.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 571,571 shares of the software maker’s stock after selling 1,283,039 shares during the period. Clearbridge Investments LLC’s holdings in BroadSoft were worth $31,379,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of BSFT. Alpine Associates Management Inc. bought a new position in shares of BroadSoft in the fourth quarter valued at $67,743,000. Water Island Capital LLC bought a new position in shares of BroadSoft in the fourth quarter valued at $44,532,000. Allianz Asset Management GmbH bought a new position in shares of BroadSoft in the fourth quarter valued at $38,403,000. Legion Partners Asset Management LLC increased its holdings in shares of BroadSoft by 166.0% in the third quarter. Legion Partners Asset Management LLC now owns 929,226 shares of the software maker’s stock valued at $46,740,000 after buying an additional 579,835 shares in the last quarter. Finally, Gabelli Funds LLC bought a new position in shares of BroadSoft in the fourth quarter valued at $22,446,000.
In other BroadSoft news, insider Scott D. Hoffpauir sold 4,448 shares of the business’s stock in a transaction on Monday, December 18th. The shares were sold at an average price of $54.66, for a total transaction of $243,127.68. Following the sale, the insider now directly owns 83,945 shares of the company’s stock, valued at approximately $4,588,433.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.50% of the stock is owned by insiders.
Several research firms have issued reports on BSFT. BidaskClub cut BroadSoft from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. Zacks Investment Research downgraded shares of BroadSoft from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Northland Securities reissued a “hold” rating and set a $42.00 target price on shares of BroadSoft in a research note on Sunday, November 19th. Finally, Raymond James Financial downgraded shares of BroadSoft from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $50.40.
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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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