Renaissance Group LLC Has $357,000 Position in BroadSoft, Inc. (BSFT)
Renaissance Group LLC increased its stake in BroadSoft, Inc. (NASDAQ:BSFT) by 16.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,285 shares of the software maker’s stock after buying an additional 1,196 shares during the period. Renaissance Group LLC’s holdings in BroadSoft were worth $357,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of BSFT. Blair William & Co. IL raised its position in shares of BroadSoft by 7.3% in the second quarter. Blair William & Co. IL now owns 166,019 shares of the software maker’s stock valued at $7,147,000 after buying an additional 11,260 shares in the last quarter. Legal & General Group Plc raised its position in shares of BroadSoft by 35.0% in the second quarter. Legal & General Group Plc now owns 9,506 shares of the software maker’s stock valued at $409,000 after buying an additional 2,465 shares in the last quarter. Wrapmanager Inc. bought a new position in shares of BroadSoft during the second quarter valued at about $300,000. Rubric Capital Management LP bought a new position in shares of BroadSoft during the second quarter valued at about $16,919,000. Finally, Pitcairn Co. bought a new position in shares of BroadSoft during the second quarter valued at about $222,000.
BroadSoft, Inc. (NASDAQ BSFT) opened at 48.00 on Thursday. The firm’s market cap is $1.49 billion. The firm’s 50-day moving average is $43.41 and its 200 day moving average is $41.30. BroadSoft, Inc. has a 12-month low of $33.85 and a 12-month high of $48.40.
BroadSoft (NASDAQ:BSFT) last announced its quarterly earnings results on Monday, August 7th. The software maker reported $0.40 EPS for the quarter, beating the consensus estimate of ($0.13) by $0.53. The firm had revenue of $88.80 million for the quarter, compared to analyst estimates of $86.63 million. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.49 earnings per share. Equities analysts forecast that BroadSoft, Inc. will post $2.26 earnings per share for the current year.
Several brokerages recently issued reports on BSFT. William Blair reissued a “buy” rating on shares of BroadSoft in a research note on Wednesday, August 9th. Robert W. Baird increased their target price on shares of BroadSoft from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. Cowen and Company reissued a “buy” rating and set a $51.00 target price on shares of BroadSoft in a research note on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and set a $55.00 target price on shares of BroadSoft in a research note on Tuesday, July 25th. 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 assigned a buy rating to the company. The stock presently 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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