BroadSoft, Inc. (NASDAQ:BSFT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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 BSFT. Robert W. Baird lifted their target price on BroadSoft from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, August 8th. Jefferies Group LLC restated a “buy” rating and issued a $55.00 target price on shares of BroadSoft in a report on Thursday, September 28th. William Blair restated an “outperform” rating on shares of BroadSoft in a report on Thursday, October 5th. Northland Securities reiterated a “hold” rating and set a $42.00 price target on shares of BroadSoft in a report on Wednesday, October 4th. Finally, ValuEngine upgraded BroadSoft from a “sell” rating to a “hold” rating in a report on Tuesday, June 27th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. BroadSoft has an average rating of “Buy” and an average price target of $50.00.

BroadSoft (NASDAQ:BSFT) traded down 0.47% during mid-day trading on Tuesday, hitting $53.50. The company had a trading volume of 154,165 shares. BroadSoft has a one year low of $33.85 and a one year high of $54.70. The company’s market cap is $1.66 billion. The company’s 50 day moving average price is $49.16 and its 200-day moving average price is $42.86.

BroadSoft (NASDAQ:BSFT) last issued its earnings results 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 for the quarter, compared to analysts’ expectations of $86.63 million. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 EPS. Equities research analysts anticipate that BroadSoft will post $2.27 EPS for the current fiscal year.

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In other BroadSoft news, insider Scott D. Hoffpauir sold 13,344 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total value of $640,512.00. Following the completion of the sale, the insider now owns 114,398 shares of the company’s stock, valued at $5,491,104. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Scott D. Hoffpauir sold 4,448 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $51.50, for a total value of $229,072.00. Following the completion of the sale, the insider now directly owns 101,054 shares of the company’s stock, valued at approximately $5,204,281. The disclosure for this sale can be found here. Insiders sold 29,688 shares of company stock worth $1,458,384 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.

Large investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. acquired a new stake in shares of BroadSoft in the first quarter worth about $102,000. Eqis Capital Management Inc. acquired a new stake in shares of BroadSoft in the third quarter worth about $208,000. Pitcairn Co. acquired a new stake in shares of BroadSoft in the second quarter worth about $222,000. US Bancorp DE lifted its position in shares of BroadSoft by 9.6% in 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 last quarter. Finally, Wrapmanager Inc. acquired a new stake in shares of BroadSoft in the second quarter worth about $300,000.

About BroadSoft

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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