Kornitzer Capital Management Inc. KS decreased its stake in BroadSoft Inc. (NASDAQ:BSFT) by 46.7% during the second quarter, Holdings Channel reports. The institutional investor owned 331,624 shares of the company’s stock after selling 290,506 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in BroadSoft were worth $13,607,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Redwood Investments LLC raised its position in BroadSoft by 19.1% in the second quarter. Redwood Investments LLC now owns 112,384 shares of the company’s stock valued at $4,611,000 after buying an additional 18,047 shares during the last quarter. Rice Hall James & Associates LLC purchased a new position in BroadSoft during the second quarter valued at $15,703,000. Bank of Montreal Can purchased a new position in BroadSoft during the second quarter valued at $199,000. Fox Run Management L.L.C. purchased a new position in BroadSoft during the second quarter valued at $443,000. Finally, Boothbay Fund Management LLC raised its position in BroadSoft by 86.6% in the first quarter. Boothbay Fund Management LLC now owns 16,296 shares of the company’s stock valued at $658,000 after buying an additional 7,564 shares during the last quarter.
Shares of BroadSoft Inc. (NASDAQ:BSFT) traded down 0.33% during trading on Friday, reaching $45.20. 84,033 shares of the company were exchanged. The firm’s 50 day moving average price is $46.23 and its 200 day moving average price is $43.09. The company has a market capitalization of $1.35 billion, a PE ratio of 332.35 and a beta of 1.61. BroadSoft Inc. has a one year low of $26.99 and a one year high of $48.40.
BroadSoft (NASDAQ:BSFT) last released its earnings results on Monday, August 1st. The company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. The business earned $81.70 million during the quarter, compared to the consensus estimate of $78.99 million. BroadSoft had a net margin of 0.79% and a return on equity of 11.07%. The company’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. Equities research analysts forecast that BroadSoft Inc. will post $2.06 earnings per share for the current fiscal year.
A number of research analysts have weighed in on BSFT shares. Jefferies Group reaffirmed a “buy” rating on shares of BroadSoft in a research note on Wednesday, July 6th. Dougherty & Co lifted their price target on shares of BroadSoft from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. William Blair reaffirmed an “outperform” rating on shares of BroadSoft in a research note on Tuesday, August 2nd. Finally, Raymond James Financial Inc. lifted their price target on shares of BroadSoft from $45.00 to $51.00 and gave the company a “strong-buy” rating in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $45.43.
In other news, insider Taher G. Behbehani sold 4,273 shares of the firm’s stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $45.89, for a total transaction of $196,087.97. Following the completion of the sale, the insider now owns 62,574 shares of the company’s stock, valued at approximately $2,871,520.86. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Dennis Dourgarian sold 2,600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $45.40, for a total transaction of $118,040.00. Following the sale, the insider now directly owns 30,035 shares of the company’s stock, valued at approximately $1,363,589. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
BroadSoft Company Profile
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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