BroadSoft Inc. (NASDAQ:BSFT) Receives Consensus Rating of “Buy” from Brokerages
BroadSoft Inc. (NASDAQ:BSFT) has received a consensus recommendation of “Buy” from the ten research firms that are covering the firm. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $46.17.
Several equities analysts have commented on BSFT shares. William Blair reiterated a “buy” rating on shares of BroadSoft in a report on Wednesday, June 15th. Jefferies Group reiterated a “buy” rating on shares of BroadSoft in a report on Wednesday, July 6th. Dougherty & Co upped their price objective on shares of BroadSoft from $47.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Finally, Raymond James Financial Inc. upped their price objective 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.
BroadSoft (NASDAQ:BSFT) traded up 1.47% during midday trading on Wednesday, reaching $47.50. 68,640 shares of the company’s stock traded hands. BroadSoft has a 52-week low of $26.99 and a 52-week high of $48.01. The stock has a 50-day moving average of $45.48 and a 200 day moving average of $42.70. The company has a market cap of $1.42 billion, a P/E ratio of 349.26 and a beta of 1.61.
BroadSoft (NASDAQ:BSFT) last released 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 firm had revenue of $81.70 million for the quarter, compared to the consensus estimate of $78.99 million. During the same period in the previous year, the company earned $0.32 earnings per share. The company’s quarterly revenue was up 26.7% on a year-over-year basis. On average, analysts anticipate that BroadSoft will post $2.06 earnings per share for the current fiscal year.
In related news, insider Dennis Dourgarian sold 2,802 shares of the company’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $45.65, for a total transaction of $127,911.30. Following the completion of the sale, the insider now owns 32,635 shares of the company’s stock, valued at $1,489,787.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Tessler sold 7,149 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $42.75, for a total transaction of $305,619.75. Following the sale, the chief executive officer now directly owns 192,222 shares of the company’s stock, valued at approximately $8,217,490.50. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of BSFT. Rice Hall James & Associates LLC bought a new position in BroadSoft during the second quarter worth approximately $15,703,000. Bayesian Capital Management LP boosted its position in BroadSoft by 8.4% in the first quarter. Bayesian Capital Management LP now owns 7,134 shares of the company’s stock worth $288,000 after buying an additional 554 shares during the period. Boothbay Fund Management LLC boosted its position in BroadSoft by 86.6% in the first quarter. Boothbay Fund Management LLC now owns 16,296 shares of the company’s stock worth $658,000 after buying an additional 7,564 shares during the period. Royce & Associates LP bought a new position in BroadSoft during the second quarter worth approximately $2,134,000. Finally, Acrospire Investment Management LLC bought a new position in BroadSoft during the first quarter worth approximately $286,000.
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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