BroadSoft Inc. (BSFT) Shares Gap Up on Analyst Upgrade
BroadSoft Inc. (NASDAQ:BSFT) gapped up before the market opened on Wednesday after Jefferies Group raised their price target on the stock from $52.00 to $55.00. The stock had previously closed at $46.22, but opened at $46.44. Jefferies Group currently has a buy rating on the stock. BroadSoft shares last traded at $46.75, with a volume of 107,355 shares changing hands.
Several other research firms have also commented on BSFT. Dougherty & Co boosted their price target on shares of BroadSoft from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. William Blair restated an “outperform” rating on shares of BroadSoft in a report on Tuesday, August 2nd. Finally, Raymond James Financial Inc. boosted their price target on shares of BroadSoft from $45.00 to $51.00 and gave the company a “strong-buy” rating in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. BroadSoft has a consensus rating of “Buy” and a consensus price target of $45.43.
In other BroadSoft news, CEO Michael Tessler sold 7,149 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $42.75, for a total transaction of $305,619.75. Following the sale, the chief executive officer now owns 192,222 shares of the company’s stock, valued at approximately $8,217,490.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Dennis Dourgarian sold 2,600 shares of the business’s stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $45.40, for a total transaction of $118,040.00. Following the sale, the insider now directly owns 30,035 shares in the company, valued at approximately $1,363,589. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in BSFT. BlackRock Inc. increased its stake in BroadSoft by 22.1% in the second quarter. BlackRock Inc. now owns 2,511 shares of the company’s stock valued at $103,000 after buying an additional 455 shares in the last quarter. Thompson Davis & CO. Inc. bought a new stake in BroadSoft during the second quarter valued at $135,000. Teacher Retirement System of Texas increased its stake in BroadSoft by 20.4% in the second quarter. Teacher Retirement System of Texas now owns 4,053 shares of the company’s stock valued at $166,000 after buying an additional 686 shares in the last quarter. Legal & General Group Plc increased its stake in BroadSoft by 11.0% in the first quarter. Legal & General Group Plc now owns 4,690 shares of the company’s stock valued at $183,000 after buying an additional 463 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in BroadSoft during the second quarter valued at $199,000.
The company has a market cap of $1.41 billion, a P/E ratio of 347.35 and a beta of 1.46. The firm has a 50 day moving average of $45.05 and a 200-day moving average of $42.36.
BroadSoft (NASDAQ:BSFT) last posted its quarterly earnings data on Monday, August 1st. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.13. BroadSoft had a net margin of 0.79% and a return on equity of 11.07%. The business earned $81.70 million during the quarter, compared to analyst estimates of $78.99 million. During the same quarter last year, the firm posted $0.32 earnings per share. The business’s revenue for the quarter was up 26.7% compared to the same quarter last year. On average, analysts expect that BroadSoft Inc. will post $2.06 earnings per share for the current year.
BroadSoft, Inc is a provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications (UC) to their enterprise customers. The Company offers service providers two deployment options, software and software-as-a-service (SaaS), to enable them to offer UC services to their enterprise customers.
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