Grimes & Company Inc. Holds Position in BroadSoft Inc. (BSFT)
Grimes & Company Inc. held its stake in BroadSoft Inc. (NASDAQ:BSFT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,135 shares of the company’s stock at the end of the second quarter. Grimes & Company Inc.’s holdings in BroadSoft were worth $416,000 as of its most recent SEC filing.
A number of other large investors have also bought and sold shares of BSFT. Apex Capital Management raised its position in shares of BroadSoft by 65.1% in the first quarter. Apex Capital Management now owns 1,114,862 shares of the company’s stock worth $44,985,000 after buying an additional 439,640 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of BroadSoft by 405.4% in the first quarter. Renaissance Technologies LLC now owns 121,800 shares of the company’s stock worth $4,915,000 after buying an additional 97,700 shares in the last quarter. Ngam Advisors L.P. raised its position in shares of BroadSoft by 16.5% in the first quarter. Ngam Advisors L.P. now owns 92,170 shares of the company’s stock worth $3,719,000 after buying an additional 13,045 shares in the last quarter. A.R.T. Advisors LLC purchased a new position in shares of BroadSoft during the first quarter worth approximately $1,100,000. Finally, BlackRock Group LTD raised its position in shares of BroadSoft by 12.5% in the first quarter. BlackRock Group LTD now owns 26,938 shares of the company’s stock worth $1,088,000 after buying an additional 2,996 shares in the last quarter.
Shares of BroadSoft Inc. (NASDAQ:BSFT) traded up 2.47% during mid-day trading on Wednesday, hitting $46.44. The company had a trading volume of 273,015 shares. The company has a market capitalization of $1.38 billion, a PE ratio of 341.47 and a beta of 1.46. BroadSoft Inc. has a one year low of $26.99 and a one year high of $48.01. The company’s 50-day moving average is $44.40 and its 200 day moving average is $41.98.
BroadSoft (NASDAQ:BSFT) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.13. The company had revenue of $81.70 million for the quarter, compared to the consensus estimate of $78.99 million. BroadSoft had a return on equity of 11.07% and a net margin of 0.79%. The firm’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. On average, equities research analysts forecast that BroadSoft Inc. will post $2.06 EPS for the current fiscal year.
A number of research analysts have commented on BSFT shares. Jefferies Group upped their price objective on BroadSoft from $48.00 to $52.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Dougherty & Co upped their price objective 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. upped their price objective on BroadSoft from $45.00 to $51.00 and gave the company a “strong-buy” rating in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $45.00.
In other BroadSoft news, insider Taher G. Behbehani sold 4,273 shares of the stock in a transaction 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 sale, the insider now directly owns 62,574 shares in the company, valued at approximately $2,871,520.86. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Dennis Dourgarian sold 2,600 shares of the stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $45.40, for a total value of $118,040.00. Following the sale, the insider now owns 30,035 shares in the company, valued at $1,363,589. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate 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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