BroadSoft Inc (BSFT) Receives Consensus Rating of “Hold” from Brokerages

BroadSoft Inc (NASDAQ:BSFT) has been assigned a consensus rating of “Hold” from the thirteen brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $47.40.

BSFT has been the subject of several research analyst reports. Zacks Investment Research raised BroadSoft from a “sell” rating to a “hold” rating in a research report on Monday, January 8th. BidaskClub lowered BroadSoft from a “sell” rating to a “strong sell” rating in a research report on Wednesday, January 10th.

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In other news, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $54.96, for a total transaction of $244,462.08. Following the completion of the transaction, the insider now owns 77,991 shares in the company, valued at approximately $4,286,385.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of BSFT. First Trust Advisors LP bought a new position in shares of BroadSoft during the 3rd quarter worth $1,333,000. New York State Common Retirement Fund boosted its stake in BroadSoft by 26.4% in the 3rd quarter. New York State Common Retirement Fund now owns 182,536 shares of the software maker’s stock worth $9,182,000 after purchasing an additional 38,126 shares during the period. Bank of New York Mellon Corp boosted its stake in BroadSoft by 6.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 157,259 shares of the software maker’s stock worth $7,910,000 after purchasing an additional 9,336 shares during the period. American International Group Inc. boosted its stake in BroadSoft by 8.1% in the 3rd quarter. American International Group Inc. now owns 20,600 shares of the software maker’s stock worth $1,036,000 after purchasing an additional 1,540 shares during the period. Finally, Legal & General Group Plc boosted its stake in BroadSoft by 53.8% in the 3rd quarter. Legal & General Group Plc now owns 14,623 shares of the software maker’s stock worth $735,000 after purchasing an additional 5,117 shares during the period.

Shares of BroadSoft stock traded up $0.05 during trading hours on Friday, hitting $54.95. 19,000 shares of the company’s stock traded hands, compared to its average volume of 821,017. BroadSoft has a 12-month low of $33.85 and a 12-month 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.

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About BroadSoft

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.

Analyst Recommendations for BroadSoft (NASDAQ:BSFT)

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