BroadSoft, Inc. (BSFT) Lowered to “Buy” at BidaskClub
BroadSoft, Inc. (NASDAQ:BSFT) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.
Other analysts have also recently issued research reports about the company. William Blair reaffirmed a “buy” rating on shares of BroadSoft in a research report on Thursday, May 4th. Robert W. Baird began coverage on BroadSoft in a research report on Tuesday, April 11th. They set a “neutral” rating and a $44.00 target price on the stock. Wells Fargo & Company reaffirmed an “outperform” rating and set a $50.00 target price (up previously from $46.00) on shares of BroadSoft in a research report on Monday, June 19th. Dougherty & Co dropped their target price on BroadSoft from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, May 2nd. Finally, Cowen and Company dropped their target price on BroadSoft from $54.00 to $51.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 2nd. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. BroadSoft currently has an average rating of “Buy” and a consensus target price of $48.00.
BroadSoft (NASDAQ:BSFT) traded down 0.12% during midday trading on Wednesday, hitting $42.15. The company had a trading volume of 448,606 shares. The stock has a 50 day moving average price of $40.54 and a 200 day moving average price of $40.92. BroadSoft has a 52 week low of $33.85 and a 52 week high of $48.40. The company’s market capitalization is $1.29 billion.
BroadSoft (NASDAQ:BSFT) last announced its quarterly earnings data on Monday, May 1st. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.03. BroadSoft had a positive return on equity of 5.12% and a negative net margin of 2.36%. The company had revenue of $79.70 million for the quarter, compared to analysts’ expectations of $80.42 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. BroadSoft’s revenue was up 9.0% compared to the same quarter last year. Equities analysts forecast that BroadSoft will post $2.28 earnings per share for the current fiscal year.
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In other BroadSoft news, insider Taher G. Behbehani sold 1,716 shares of BroadSoft stock in a transaction dated Friday, April 21st. The stock was sold at an average price of $38.00, for a total transaction of $65,208.00. Following the completion of the transaction, the insider now owns 72,221 shares in the company, valued at approximately $2,744,398. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. bought a new position in BroadSoft during the first quarter worth $225,000. Russell Investments Group Ltd. bought a new position in BroadSoft during the fourth quarter worth $1,439,000. CWM LLC bought a new position in BroadSoft during the first quarter worth $1,629,000. Cadence Capital Management LLC raised its position in BroadSoft by 6.1% in the first quarter. Cadence Capital Management LLC now owns 28,236 shares of the software maker’s stock worth $1,135,000 after buying an additional 1,625 shares during the last quarter. Finally, Virginia Retirement Systems ET AL raised its position 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.
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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