Cowen and Company reissued their buy rating on shares of BroadSoft, Inc. (NASDAQ:BSFT) in a research report report published on Friday morning. The brokerage currently has a $51.00 price objective on the software maker’s stock.

BSFT has been the subject of a number of other reports. William Blair reiterated a buy rating on shares of BroadSoft in a research report on Sunday, April 9th. Needham & Company LLC cut their price objective on BroadSoft from $48.00 to $44.00 and set a buy rating for the company in a research report on Tuesday, May 2nd. BidaskClub upgraded BroadSoft from a buy rating to a strong-buy rating in a research report on Tuesday, June 27th. Robert W. Baird started coverage on BroadSoft in a research report on Tuesday, April 11th. They set a neutral rating and a $44.00 price objective for the company. Finally, ValuEngine upgraded BroadSoft from a sell rating to a hold rating in a research report on Tuesday, June 27th. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $47.33.

BroadSoft (BSFT) opened at 44.05 on Friday. BroadSoft has a one year low of $33.85 and a one year high of $48.40. The firm’s 50 day moving average price is $42.84 and its 200-day moving average price is $41.10. The firm’s market cap is $1.35 billion.

BroadSoft (NASDAQ:BSFT) last posted its quarterly earnings results on Monday, May 1st. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.03. BroadSoft had a negative net margin of 2.36% and a positive return on equity of 5.12%. The company had revenue of $79.70 million during the quarter, compared to the consensus estimate of $80.42 million. During the same period last year, the firm earned $0.37 EPS. The company’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities analysts predict that BroadSoft will post $2.27 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp increased its position in shares of BroadSoft by 4.9% in the fourth quarter. State Street Corp now owns 534,017 shares of the software maker’s stock valued at $22,033,000 after buying an additional 24,877 shares during the period. Guggenheim Capital LLC increased its position in shares of BroadSoft by 20.8% in the fourth quarter. Guggenheim Capital LLC now owns 34,043 shares of the software maker’s stock valued at $1,403,000 after buying an additional 5,851 shares during the period. Norges Bank acquired a new position in shares of BroadSoft during the fourth quarter valued at $6,559,000. Copper Rock Capital Partners LLC increased its position in shares of BroadSoft by 1.7% in the first quarter. Copper Rock Capital Partners LLC now owns 698,248 shares of the software maker’s stock valued at $27,895,000 after buying an additional 11,776 shares during the period. Finally, Atria Investments LLC increased its position in shares of BroadSoft by 3.7% in the first quarter. Atria Investments LLC now owns 6,384 shares of the software maker’s stock valued at $257,000 after buying an additional 227 shares during the period.

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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