BroadSoft (BSFT) Upgraded to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of BroadSoft (NASDAQ:BSFT) from a sell rating to a hold rating in a research note published on Monday morning.
According to Zacks, “BroadSoft, Inc. is engaged in providing software that enables fixed-line, mobile and cable service providers to deliver voice and multimedia services over their Internet protocol-based, or IP-based, networks. The Company’s software, BroadWorks, enables its service provider customers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications, such as hosted IP private branch exchanges, or PBXs, video calling, unified communications, or UC, collaboration and converged mobile and fixed-line services. BroadSoft, Inc. is headquartered in Gaithersburg, Maryland. “
BSFT has been the topic of a number of other reports. Jefferies Group reiterated a buy rating and issued a $55.00 price objective on shares of BroadSoft in a research report on Thursday, September 28th. Robert W. Baird reiterated a hold rating and issued a $45.00 price objective on shares of BroadSoft in a research report on Friday, October 20th. Raymond James Financial reiterated an outperform rating and issued a $55.00 price objective on shares of BroadSoft in a research report on Tuesday, October 24th. William Blair reiterated an outperform rating on shares of BroadSoft in a research report on Thursday, October 5th. Finally, Northland Securities reiterated a hold rating and issued a $42.00 price objective on shares of BroadSoft in a research report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $50.40.
Shares of BroadSoft (NASDAQ:BSFT) traded up $0.15 on Monday, reaching $54.90. The company’s stock had a trading volume of 868,483 shares, compared to its average volume of 771,886. The company has a market cap of $1,740.00, a price-to-earnings ratio of -152.50, a price-to-earnings-growth ratio of 3.53 and a beta of 0.93. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.64 and a quick ratio of 2.64. BroadSoft has a 52-week low of $33.85 and a 52-week high of $55.05.
In other news, insider Scott D. Hoffpauir sold 4,448 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was sold at an average price of $54.66, for a total value of $243,127.68. Following the transaction, the insider now directly owns 83,945 shares in the company, valued at approximately $4,588,433.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 13,344 shares of company stock worth $721,110 over the last 90 days. 1.50% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. California Public Employees Retirement System boosted its position in shares of BroadSoft by 4.5% in the 3rd quarter. California Public Employees Retirement System now owns 58,094 shares of the software maker’s stock worth $2,922,000 after purchasing an additional 2,494 shares during the last quarter. Pacific Grove Capital LP bought a new position in shares of BroadSoft in the 3rd quarter worth $3,089,000. Legion Partners Asset Management LLC boosted its position in shares of BroadSoft by 166.0% in the 3rd quarter. Legion Partners Asset Management LLC now owns 929,226 shares of the software maker’s stock worth $46,740,000 after purchasing an additional 579,835 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new stake in BroadSoft during the 3rd quarter worth $130,000. Finally, Oppenheimer Asset Management Inc. raised its stake in BroadSoft by 22.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 16,888 shares of the software maker’s stock worth $849,000 after buying an additional 3,043 shares during the period.
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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.
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