BroadSoft, Inc. (BSFT) Stake Reduced by US Bancorp DE
US Bancorp DE lowered its stake in BroadSoft, Inc. (NASDAQ:BSFT) by 3.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,016 shares of the software maker’s stock after selling 204 shares during the period. US Bancorp DE’s holdings in BroadSoft were worth $242,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Fox Run Management L.L.C. bought a new position in shares of BroadSoft during the first quarter valued at $225,000. Russell Investments Group Ltd. acquired a new position in BroadSoft during the fourth quarter worth about $1,439,000. Franklin Resources Inc. increased its position in BroadSoft by 6.2% in the fourth quarter. Franklin Resources Inc. now owns 1,456,262 shares of the software maker’s stock worth $60,085,000 after buying an additional 85,072 shares during the last quarter. CWM LLC acquired a new position in BroadSoft during the first quarter worth about $1,629,000. Finally, Norges Bank acquired a new position in BroadSoft during the fourth quarter worth about $6,559,000.
BroadSoft, Inc. (BSFT) opened at 41.70 on Friday. The stock has a 50 day moving average of $38.59 and a 200-day moving average of $40.79. The company’s market capitalization is $1.28 billion. BroadSoft, Inc. has a 52-week low of $33.85 and a 52-week high of $48.40.
BroadSoft (NASDAQ:BSFT) last announced its quarterly earnings results on Monday, May 1st. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. The firm had revenue of $79.70 million for the quarter, compared to analyst estimates of $80.42 million. BroadSoft had a negative net margin of 2.36% and a positive return on equity of 5.12%. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.37 EPS. On average, equities analysts forecast that BroadSoft, Inc. will post $2.28 earnings per share for the current year.
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A number of research firms have recently issued reports on BSFT. Dougherty & Co reduced their price target on shares of BroadSoft from $50.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, May 2nd. Cowen and Company reduced their price target on shares of BroadSoft from $54.00 to $51.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 2nd. Robert W. Baird began coverage on shares of BroadSoft in a research report on Tuesday, April 11th. They issued a “neutral” rating and a $44.00 price target on the stock. William Blair restated a “buy” rating on shares of BroadSoft in a research report on Thursday, May 4th. Finally, Needham & Company LLC reduced their price target on shares of BroadSoft from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Tuesday, May 2nd. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $48.17.
In other BroadSoft news, insider Taher G. Behbehani sold 1,716 shares of the business’s stock in a transaction on Friday, April 21st. The shares were sold at an average price of $38.00, for a total value of $65,208.00. Following the sale, the insider now owns 72,221 shares of the company’s stock, valued at approximately $2,744,398. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.50% of the company’s stock.
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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