BNP Paribas Arbitrage SA increased its position in shares of BroadSoft Inc. (NASDAQ:BSFT) by 115.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,461 shares of the company’s stock after buying an additional 1,317 shares during the period. BNP Paribas Arbitrage SA’s holdings in BroadSoft were worth $115,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of BroadSoft by 22.1% in the second quarter. BlackRock Inc. now owns 2,511 shares of the company’s stock worth $103,000 after buying an additional 455 shares in the last quarter. Thompson Davis & CO. Inc. bought a new position in shares of BroadSoft during the second quarter worth approximately $135,000. Teacher Retirement System of Texas raised its position in shares of BroadSoft by 20.4% in the second quarter. Teacher Retirement System of Texas now owns 4,053 shares of the company’s stock worth $166,000 after buying an additional 686 shares in the last quarter. Bank of Montreal Can bought a new position in shares of BroadSoft during the second quarter worth approximately $199,000. Finally, Summit Securities Group LLC bought a new position in shares of BroadSoft during the second quarter worth approximately $238,000.
Shares of BroadSoft Inc. (NASDAQ:BSFT) opened at 45.00 on Friday. The stock’s 50 day moving average price is $46.25 and its 200 day moving average price is $43.14. BroadSoft Inc. has a one year low of $26.99 and a one year high of $48.40. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 330.88 and a beta of 1.61.
BroadSoft (NASDAQ:BSFT) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. The company had revenue of $81.70 million for the quarter, compared to analyst estimates of $78.99 million. BroadSoft had a return on equity of 11.07% and a net margin of 0.79%. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.32 earnings per share. On average, equities analysts anticipate that BroadSoft Inc. will post $2.06 earnings per share for the current fiscal year.
A number of brokerages have recently commented on BSFT. Jefferies Group reissued a “buy” rating on shares of BroadSoft in a report on Wednesday, July 6th. Dougherty & Co raised their target price on BroadSoft from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. William Blair reaffirmed an “outperform” rating on shares of BroadSoft in a report on Tuesday, August 2nd. Finally, Raymond James Financial Inc. raised their target price on BroadSoft from $45.00 to $51.00 and gave the company a “strong-buy” rating in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $45.43.
In related news, insider Dennis Dourgarian sold 2,802 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $45.65, for a total transaction of $127,911.30. Following the sale, the insider now owns 32,635 shares in the company, valued at $1,489,787.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Tessler sold 7,149 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $42.75, for a total value of $305,619.75. Following the sale, the chief executive officer now owns 192,222 shares in the company, valued at approximately $8,217,490.50. The disclosure for this sale can be found here. 1.50% of the stock is owned by insiders.
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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