Pitcairn Co. Purchases New Position in BroadSoft, Inc. (BSFT)
Pitcairn Co. purchased a new stake in BroadSoft, Inc. (NASDAQ:BSFT) during the second quarter, Holdings Channel reports. The firm purchased 5,152 shares of the software maker’s stock, valued at approximately $222,000.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Atria Investments LLC raised 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. TD Asset Management Inc. raised its position in BroadSoft by 2.8% in the first quarter. TD Asset Management Inc. now owns 14,500 shares of the software maker’s stock worth $583,000 after buying an additional 400 shares during the last quarter. Sei Investments Co. raised its position in BroadSoft by 1.1% in the second quarter. Sei Investments Co. now owns 36,486 shares of the software maker’s stock worth $1,571,000 after buying an additional 410 shares during the last quarter. Tealwood Asset Management Inc. raised its position in BroadSoft by 0.7% in the second quarter. Tealwood Asset Management Inc. now owns 66,260 shares of the software maker’s stock worth $2,852,000 after buying an additional 435 shares during the last quarter. Finally, US Bancorp DE raised its position in BroadSoft by 9.6% in the second quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after buying an additional 579 shares during the last quarter.
Shares of BroadSoft, Inc. (BSFT) opened at 44.45 on Friday. The firm’s market capitalization is $1.38 billion. The firm has a 50-day moving average of $43.33 and a 200 day moving average of $41.25. BroadSoft, Inc. has a 52-week low of $33.85 and a 52-week high of $48.40.
BroadSoft (NASDAQ:BSFT) last posted its quarterly earnings results on Monday, August 7th. The software maker reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.53. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The firm had revenue of $88.80 million for the quarter, compared to analyst estimates of $86.63 million. During the same period in the prior year, the firm posted $0.49 earnings per share. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts predict that BroadSoft, Inc. will post $2.27 EPS for the current year.
A number of research firms recently issued reports on BSFT. Robert W. Baird raised their target price on shares of BroadSoft from $41.00 to $45.00 and gave the company a “neutral” rating in a research note on Tuesday, August 8th. William Blair reiterated a “buy” rating on shares of BroadSoft in a research note on Wednesday, August 9th. Jefferies Group LLC reiterated a “buy” rating and issued a $55.00 target price on shares of BroadSoft in a research note on Tuesday, July 25th. ValuEngine upgraded shares of BroadSoft from a “sell” rating to a “hold” rating in a research note on Tuesday, June 27th. Finally, BidaskClub lowered shares of BroadSoft from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Five research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $47.00.
BroadSoft Company Profile
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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