BroadSoft Inc. (BSFT) Sees Unusually-High Trading Volume
BroadSoft Inc. (NASDAQ:BSFT) shares saw unusually-strong trading volume on Friday . Approximately 237,534 shares changed hands during mid-day trading, a decline of 15% from the previous session’s volume of 279,254 shares.The stock last traded at $44.52 and had previously closed at $44.02.
Several analysts recently commented on BSFT shares. Jefferies Group reaffirmed a “buy” rating on shares of BroadSoft in a research note on Wednesday, July 6th. William Blair reaffirmed a “buy” rating on shares of BroadSoft in a research note on Wednesday, June 15th. Dougherty & Co boosted their price target on BroadSoft from $45.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, April 29th. TheStreet raised BroadSoft from a “hold” rating to a “buy” rating in a research note on Tuesday, March 29th. Finally, Zacks Investment Research lowered BroadSoft from a “buy” rating to a “hold” rating in a research note on Monday, May 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $42.83.
The stock has a market capitalization of $1.31 billion and a P/E ratio of 829.44. The firm has a 50 day moving average price of $42.59 and a 200-day moving average price of $37.98.
BroadSoft (NASDAQ:BSFT) last announced its earnings results on Monday, May 2nd. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.26 by $0.11. The firm had revenue of $73.10 million for the quarter, compared to the consensus estimate of $71.58 million. BroadSoft’s revenue for the quarter was up 31.2% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS. Analysts forecast that BroadSoft Inc. will post $2.03 EPS for the current year.
In related news, CAO Dennis Dourgarian sold 4,843 shares of the stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $42.53, for a total transaction of $205,972.79. Following the sale, the chief accounting officer now owns 35,081 shares of the company’s stock, valued at $1,491,994.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Tessler sold 7,863 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $42.16, for a total value of $331,504.08. Following the sale, the chief executive officer now directly owns 191,331 shares in the company, valued at approximately $8,066,514.96. The disclosure for this sale can be found here.
Other large investors recently modified their holdings of the company. Sabal Capital Management LLC bought a new stake in shares of BroadSoft during the fourth quarter worth about $3,308,000. Deere & Co. bought a new stake in shares of BroadSoft during the fourth quarter worth about $1,519,000. Brown Advisory Inc. increased its stake in shares of BroadSoft by 2.8% in the fourth quarter. Brown Advisory Inc. now owns 1,222,156 shares of the company’s stock worth $43,216,000 after buying an additional 33,386 shares in the last quarter. EAM Investors LLC increased its stake in shares of BroadSoft by 27.6% in the fourth quarter. EAM Investors LLC now owns 102,134 shares of the company’s stock worth $3,611,000 after buying an additional 22,093 shares in the last quarter. Finally, Redwood Investments LLC increased its stake in shares of BroadSoft by 21.7% in the fourth quarter. Redwood Investments LLC now owns 67,746 shares of the company’s stock worth $2,395,000 after buying an additional 12,092 shares in the last quarter.
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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