BroadSoft, Inc. (BSFT) Downgraded to Neutral at Dougherty & Co
BroadSoft, Inc. (NASDAQ:BSFT) was downgraded by Dougherty & Co from a “buy” rating to a “neutral” rating in a research report issued on Tuesday.
Other equities research analysts have also recently issued research reports about the company. BidaskClub cut BroadSoft from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of BroadSoft in a research note on Monday, June 26th. Cowen and Company reaffirmed a “buy” rating and set a $51.00 target price on shares of BroadSoft in a research note on Friday, July 28th. William Blair reissued a “buy” rating on shares of BroadSoft in a research note on Wednesday, August 9th. Finally, Needham & Company LLC raised their price objective on BroadSoft from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. BroadSoft currently has an average rating of “Hold” and an average price target of $49.67.
BroadSoft (NASDAQ BSFT) remained flat at $54.80 during trading on Tuesday. 3,563,147 shares of the stock traded hands. The stock’s market cap is $1.70 billion. BroadSoft has a 12-month low of $33.85 and a 12-month high of $55.00. The stock’s 50 day moving average is $51.65 and its 200 day moving average is $43.87.
BroadSoft (NASDAQ:BSFT) last released its earnings results on Monday, August 7th. The software maker reported $0.40 EPS for the quarter, topping the consensus estimate of ($0.13) by $0.53. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The business had revenue of $88.80 million during the quarter, compared to analysts’ expectations of $86.63 million. During the same quarter last year, the firm posted $0.49 earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis. On average, equities research analysts expect that BroadSoft will post $2.27 earnings per share for the current year.
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In other BroadSoft news, Director John D. Jr. Markley sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total value of $144,000.00. Following the completion of the sale, the director now owns 22,839 shares of the company’s stock, valued at $1,096,272. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Scott D. Hoffpauir sold 4,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $52.89, for a total value of $235,254.72. Following the completion of the transaction, the insider now owns 94,656 shares in the company, valued at approximately $5,006,355.84. The disclosure for this sale can be found here. Insiders sold 34,136 shares of company stock valued at $1,693,639 in the last three months. Insiders own 1.50% of the company’s stock.
Several hedge funds have recently bought and sold shares of BSFT. BlackRock Inc. lifted its holdings 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 in the last quarter. Southpoint Capital Advisors LP bought a new position in shares of BroadSoft in the second quarter valued at approximately $59,979,000. Clearbridge Investments LLC lifted its holdings 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 in the last quarter. SQN Investors LP bought a new position in shares of BroadSoft in the second quarter valued at approximately $16,949,000. Finally, Rubric Capital Management LP bought a new position in shares of BroadSoft in the second quarter valued at approximately $16,919,000.
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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