Legion Partners Asset Management LLC Has $46.74 Million Stake in BroadSoft, Inc. (BSFT)
Legion Partners Asset Management LLC increased its position in shares of BroadSoft, Inc. (NASDAQ:BSFT) by 166.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 929,226 shares of the software maker’s stock after acquiring an additional 579,835 shares during the period. BroadSoft makes up about 16.8% of Legion Partners Asset Management LLC’s holdings, making the stock its 2nd biggest position. Legion Partners Asset Management LLC owned 2.94% of BroadSoft worth $46,740,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in BroadSoft by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,533,349 shares of the software maker’s stock worth $109,060,000 after acquiring an additional 92,265 shares during the period. Brown Advisory Inc. increased its holdings in BroadSoft by 6.2% during the 3rd quarter. Brown Advisory Inc. now owns 1,722,896 shares of the software maker’s stock worth $86,662,000 after acquiring an additional 100,797 shares during the period. Southpoint Capital Advisors LP bought a new stake in BroadSoft during the 2nd quarter worth approximately $59,979,000. Voya Investment Management LLC increased its holdings in BroadSoft by 4.7% during the 2nd quarter. Voya Investment Management LLC now owns 911,758 shares of the software maker’s stock worth $39,251,000 after acquiring an additional 40,676 shares during the period. Finally, State Street Corp increased its holdings in BroadSoft by 7.1% during the 2nd quarter. State Street Corp now owns 580,331 shares of the software maker’s stock worth $24,984,000 after acquiring an additional 38,472 shares during the period.
BSFT has been the topic of a number of analyst reports. Needham & Company LLC lowered shares of BroadSoft from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. Zacks Investment Research lowered shares of BroadSoft from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 10th. William Blair reaffirmed an “outperform” rating on shares of BroadSoft in a report on Thursday, October 5th. Cowen lowered shares of BroadSoft from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 7th. Finally, Northland Securities reaffirmed a “hold” rating and set a $42.00 target price on shares of BroadSoft in a report on Wednesday, October 4th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $50.40.
In other news, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction on Monday, September 18th. The shares were sold at an average price of $51.50, for a total value of $229,072.00. Following the transaction, the insider now owns 101,054 shares of the company’s stock, valued at approximately $5,204,281. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 13,344 shares of company stock worth $707,054 in the last three months. Insiders own 1.50% of the company’s stock.
BroadSoft, Inc. (NASDAQ:BSFT) opened at $54.80 on Monday. The company has a market cap of $1,734.37, a price-to-earnings ratio of 156.57, a PEG ratio of 4.57 and a beta of 0.92. BroadSoft, Inc. has a twelve month low of $33.85 and a twelve 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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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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