State Street Corp increased its holdings in shares of BroadSoft, Inc. (NASDAQ:BSFT) by 7.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 580,331 shares of the software maker’s stock after purchasing an additional 38,472 shares during the period. State Street Corp owned approximately 1.87% of BroadSoft worth $24,984,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BSFT. BlackRock Inc. grew its stake in BroadSoft by 86,871.0% in the first quarter. BlackRock Inc. now owns 2,208,194 shares of the software maker’s stock valued at $88,770,000 after acquiring an additional 2,205,655 shares during the period. SQN Investors LP acquired a new stake in BroadSoft in the second quarter valued at approximately $16,949,000. Rubric Capital Management LP acquired a new stake in BroadSoft in the second quarter valued at approximately $16,919,000. Legion Partners Asset Management LLC acquired a new stake in BroadSoft in the second quarter valued at approximately $15,041,000. Finally, Kennedy Capital Management Inc. acquired a new stake in BroadSoft in the second quarter valued at approximately $10,371,000.
BroadSoft, Inc. (NASDAQ BSFT) opened at $54.65 on Wednesday. BroadSoft, Inc. has a fifty-two week low of $33.85 and a fifty-two week high of $55.00. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $1,731.22, a P/E ratio of 156.29, a PEG ratio of 4.28 and a beta of 0.96.
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A number of equities research analysts have commented on the company. Cowen and Company cut BroadSoft from an “outperform” rating to a “market perform” rating in a research note on Tuesday, November 7th. Zacks Investment Research cut BroadSoft from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Raymond James Financial, Inc. reissued an “outperform” rating and issued a $55.00 price objective on shares of BroadSoft in a research note on Tuesday, October 24th. Needham & Company LLC cut BroadSoft from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Finally, Dougherty & Co cut BroadSoft from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 24th. Nine research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. BroadSoft currently has a consensus rating of “Hold” and a consensus target price of $50.40.
In other news, insider Scott D. Hoffpauir sold 4,448 shares of the firm’s stock in a transaction that occurred on Tuesday, October 17th. The stock was sold at an average price of $52.89, for a total value of $235,254.72. Following the transaction, the insider now owns 94,656 shares in the company, valued at $5,006,355.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Scott D. Hoffpauir sold 13,344 shares of BroadSoft stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total value of $640,512.00. Following the sale, the insider now owns 114,398 shares in the company, valued at $5,491,104. The disclosure for this sale can be found here. Insiders sold 34,136 shares of company stock worth $1,693,639 in the last 90 days. Corporate insiders own 1.50% of the company’s stock.
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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