Shares of BroadSoft Inc. (NASDAQ:BSFT) gapped up prior to trading on Wednesday after Jefferies Group raised their price target on the stock from $52.00 to $55.00. The stock had previously closed at $46.22, but opened at $46.44. Jefferies Group currently has a buy rating on the stock. BroadSoft shares last traded at $46.75, with a volume of 107,355 shares trading hands.
BSFT has been the topic of several other research reports. William Blair reaffirmed a “buy” rating on shares of BroadSoft in a report on Tuesday, May 31st. Raymond James Financial Inc. raised their target price on shares of BroadSoft from $45.00 to $51.00 and gave the company a “strong-buy” rating in a report on Tuesday, August 2nd. Finally, Dougherty & Co raised their target price on shares of BroadSoft from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $45.43.
In other news, CEO Michael Tessler sold 7,149 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $42.75, for a total transaction of $305,619.75. Following the transaction, the chief executive officer now directly owns 192,222 shares in the company, valued at $8,217,490.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Taher G. Behbehani sold 4,273 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $45.89, for a total transaction of $196,087.97. Following the transaction, the insider now owns 62,574 shares in the company, valued at $2,871,520.86. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. Bayesian Capital Management LP raised its position in shares of BroadSoft by 8.4% in the first quarter. Bayesian Capital Management LP now owns 7,134 shares of the company’s stock worth $288,000 after buying an additional 554 shares during the period. Boothbay Fund Management LLC raised its position in shares of BroadSoft by 86.6% in the first quarter. Boothbay Fund Management LLC now owns 16,296 shares of the company’s stock worth $658,000 after buying an additional 7,564 shares during the period. Royce & Associates LP acquired a new position in shares of BroadSoft during the second quarter worth about $2,134,000. Acrospire Investment Management LLC acquired a new position in shares of BroadSoft during the first quarter worth about $286,000. Finally, Emerald Acquisition Ltd. acquired a new position in shares of BroadSoft during the second quarter worth about $4,428,000.
The stock has a 50-day moving average price of $45.05 and a 200 day moving average price of $42.36. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 347.35 and a beta of 1.46.
BroadSoft (NASDAQ:BSFT) last released its quarterly earnings results on Monday, August 1st. The company reported $0.49 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.13. The firm earned $81.70 million during the quarter, compared to analysts’ expectations of $78.99 million. BroadSoft had a return on equity of 11.07% and a net margin of 0.79%. BroadSoft’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.32 EPS. Equities research analysts predict that BroadSoft Inc. will post $2.06 EPS for the current year.
BroadSoft, Inc is a provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications (UC) to their enterprise customers. The Company offers service providers two deployment options, software and software-as-a-service (SaaS), to enable them to offer UC services to their enterprise customers.
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