BroadSoft Inc. (NASDAQ:BSFT) dropped 2.8% on Wednesday . The stock traded as low as $41.12 and last traded at $41.27, with a volume of 917,688 shares changing hands. The stock had previously closed at $42.44.

BSFT has been the topic of several analyst reports. Deutsche Bank AG reiterated a “hold” rating and set a $33.00 price target on shares of BroadSoft in a research report on Thursday, April 14th. Jefferies Group reiterated a “buy” rating on shares of BroadSoft in a research report on Wednesday, April 27th. Dougherty & Co upped their price target on BroadSoft from $45.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, April 29th. Zacks Investment Research cut BroadSoft from a “buy” rating to a “hold” rating in a research report on Monday, May 2nd. Finally, William Blair reiterated a “buy” rating on shares of BroadSoft in a research report on Monday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $45.00.

The company has a market cap of $1.21 billion and a P/E ratio of 764.26. The firm has a 50-day moving average of $43.32 and a 200-day moving average of $39.06.

BroadSoft (NASDAQ:BSFT) last released its quarterly earnings data on Monday, August 1st. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.36 by $0.13. The business earned $81.70 million during the quarter, compared to the consensus estimate of $78.99 million. During the same quarter in the previous year, the business posted $0.32 earnings per share. BroadSoft’s quarterly revenue was up 26.7% compared to the same quarter last year. On average, equities analysts anticipate that BroadSoft Inc. will post $2.05 EPS for the current year.

In other BroadSoft news, CFO James Albert Tholen sold 24,566 shares of the firm’s stock in a transaction dated Thursday, June 2nd. The stock was sold at an average price of $43.90, for a total value of $1,078,447.40. Following the transaction, the chief financial officer now directly owns 54,094 shares of the company’s stock, valued at $2,374,726.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Taher G. Behbehani sold 1,955 shares of the firm’s stock in a transaction dated Friday, May 6th. The stock was sold at an average price of $39.14, for a total value of $76,518.70. Following the completion of the transaction, the chief marketing officer now directly owns 64,474 shares in the company, valued at $2,523,512.36. The disclosure for this sale can be found here.

Other hedge funds and institutional investors have recently made changes to their positions in the company. Deere & Co. purchased a new position in shares of BroadSoft during the fourth quarter valued at about $1,519,000. Westfield Capital Management Co. LP boosted its position in shares of BroadSoft by 2.7% in the fourth quarter. Westfield Capital Management Co. LP now owns 808,769 shares of the company’s stock valued at $28,598,000 after buying an additional 21,250 shares during the last quarter. Redwood Investments LLC boosted its position in shares of BroadSoft by 21.7% in the fourth quarter. Redwood Investments LLC now owns 67,746 shares of the company’s stock valued at $2,395,000 after buying an additional 12,092 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of BroadSoft by 2.8% in the fourth quarter. New York State Common Retirement Fund now owns 109,020 shares of the company’s stock valued at $3,855,000 after buying an additional 2,953 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in shares of BroadSoft by 8.7% in the fourth quarter. Rhumbline Advisers now owns 30,503 shares of the company’s stock valued at $1,079,000 after buying an additional 2,435 shares during 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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