BidaskClub cut shares of BroadSoft (NASDAQ:BSFT) from a buy rating to a hold rating in a research note issued to investors on Thursday morning.
A number of other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of BroadSoft from a hold rating to a buy rating and set a $62.00 price objective on the stock in a research report on Wednesday, October 25th. William Blair reiterated a buy rating on shares of BroadSoft in a research report on Wednesday, August 9th. Cowen lowered shares of BroadSoft from an outperform rating to a market perform rating in a research report on Tuesday, November 7th. Northland Securities reiterated a hold rating and issued a $42.00 price objective on shares of BroadSoft in a research report on Wednesday, October 4th. Finally, Raymond James Financial reiterated an outperform rating and issued a $55.00 price objective on shares of BroadSoft in a research report on Tuesday, October 24th. Ten analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $50.40.
Shares of BroadSoft (NASDAQ BSFT) traded up $0.12 during trading on Thursday, hitting $54.80. 714,606 shares of the stock were exchanged, compared to its average volume of 598,646. The firm has a market cap of $1,729.64, a PE ratio of 156.14, a price-to-earnings-growth ratio of 4.27 and a beta of 0.92. BroadSoft has a fifty-two week low of $33.85 and a fifty-two week high of $55.05. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.41.
In related news, insider Scott D. Hoffpauir sold 4,448 shares of BroadSoft stock in a transaction 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 transaction, the insider now directly owns 94,656 shares in the company, valued at approximately $5,006,355.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 13,344 shares of company stock worth $707,054. 1.50% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the business. California Public Employees Retirement System boosted its position in shares of BroadSoft by 4.5% during the 3rd quarter. California Public Employees Retirement System now owns 58,094 shares of the software maker’s stock worth $2,922,000 after purchasing an additional 2,494 shares in the last quarter. Pacific Grove Capital LP purchased a new stake in shares of BroadSoft during the 3rd quarter worth $3,089,000. Legion Partners Asset Management LLC boosted its position in shares of BroadSoft by 166.0% during the 3rd quarter. Legion Partners Asset Management LLC now owns 929,226 shares of the software maker’s stock worth $46,740,000 after purchasing an additional 579,835 shares in the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of BroadSoft during the 3rd quarter worth $130,000. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of BroadSoft by 22.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 16,888 shares of the software maker’s stock worth $849,000 after purchasing an additional 3,043 shares in the last quarter.
BroadSoft Company Profile
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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