BroadSoft Stock Price Up 4.4% on Better-Than-Expected Earnings (BSFT)
BroadSoft (NASDAQ:BSFT)’s share price rose 4.4% on Monday after the company announced better than expected quarterly earnings, Analyst RN reports. The stock traded as high as $26.72 and last traded at $24.76, with a volume of 507,527 shares traded. The stock had previously closed at $23.72.
The company reported $0.31 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.24 by $0.07. The company had revenue of $52.50 million for the quarter, compared to the consensus estimate of $49.45 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. The company’s quarterly revenue was up 19.3% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at TheStreet downgraded shares of BroadSoft from a “hold” rating to a “sell” rating in a research note on Friday, May 9th. Separately, analysts at Jefferies Group cut their price target on shares of BroadSoft from $38.00 to $29.00 in a research note on Tuesday, May 6th. They now have a “buy” rating on the stock. Finally, analysts at Morgan Stanley upgraded shares of BroadSoft from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 6th. They now have a $24.00 price target on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the company’s stock. BroadSoft currently has a consensus rating of “Hold” and an average price target of $29.08.
The stock has a 50-day moving average of $24.3 and a 200-day moving average of $25.91. The company’s market cap is $707.5 million.
BroadSoft, Inc (NASDAQ:BSFT) is a is a global provider of software and services that enable mobile, fixed-line and cable service providers to deliver unified communications (UC) and other voice and multimedia services over their Internet protocol-based (IP-based) networks.
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