Zacks Investment Research Downgrades BroadSoft, Inc. (BSFT) to Hold
BroadSoft, Inc. (NASDAQ:BSFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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 brokerages have also recently issued reports on BSFT. Needham & Company LLC increased their target price on shares of BroadSoft from $48.00 to $55.00 and gave the company a “buy” rating in a report on Wednesday, September 6th. BidaskClub cut shares of BroadSoft from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. ValuEngine raised shares of BroadSoft from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Jefferies Group LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of BroadSoft in a report on Monday, June 26th. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $51.00 target price on shares of BroadSoft in a report on Friday, July 28th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. BroadSoft currently has an average rating of “Buy” and an average target price of $49.67.
BroadSoft (NASDAQ:BSFT) traded down 0.28% during midday trading on Wednesday, reaching $53.50. The company had a trading volume of 194,315 shares. The stock’s market capitalization is $1.66 billion. BroadSoft has a 1-year low of $33.85 and a 1-year high of $54.70. The firm’s 50 day moving average is $50.55 and its 200 day moving average is $43.22.
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, beating the Zacks’ consensus estimate of ($0.13) by $0.53. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The company had revenue of $88.80 million during the quarter, compared to analysts’ expectations of $86.63 million. During the same period last year, the company posted $0.49 earnings per share. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities analysts anticipate that BroadSoft will post $2.27 EPS for the current fiscal year.
In other news, insider Scott D. Hoffpauir sold 13,344 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total value of $640,512.00. Following the sale, the insider now directly owns 114,398 shares in the company, valued at $5,491,104. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John D. Jr. Markley sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total transaction of $144,000.00. Following the completion of the sale, the director now owns 22,839 shares in the company, valued at $1,096,272. The disclosure for this sale can be found here. Insiders sold 29,688 shares of company stock worth $1,458,384 over the last quarter. Company insiders own 1.50% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of BroadSoft by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,533,349 shares of the software maker’s stock valued at $109,060,000 after purchasing an additional 92,265 shares during the last quarter. BlackRock Inc. grew its position in shares of BroadSoft by 86,871.0% in the first quarter. BlackRock Inc. now owns 2,208,194 shares of the software maker’s stock valued at $88,770,000 after purchasing an additional 2,205,655 shares during the last quarter. Clearbridge Investments LLC grew its position in shares of BroadSoft by 45.2% in the first quarter. Clearbridge Investments LLC now owns 1,868,977 shares of the software maker’s stock valued at $75,133,000 after purchasing an additional 581,922 shares during the last quarter. Southpoint Capital Advisors LP acquired a new stake in shares of BroadSoft in the second quarter valued at approximately $59,979,000. Finally, Voya Investment Management LLC grew its position in shares of BroadSoft by 4.7% in the second quarter. Voya Investment Management LLC now owns 911,758 shares of the software maker’s stock valued at $39,251,000 after purchasing an additional 40,676 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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