Grimes & Company Inc. Holds Position in BroadSoft Inc. (BSFT)
Grimes & Company Inc. continued to hold its stake in BroadSoft Inc. (NASDAQ:BSFT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,135 shares of the company’s stock at the end of the second quarter. Grimes & Company Inc.’s holdings in BroadSoft were worth $416,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in BSFT. Bayesian Capital Management LP increased its stake 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 last quarter. Boothbay Fund Management LLC increased its stake 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 last quarter. Acrospire Investment Management LLC bought a new stake in BroadSoft during the first quarter worth about $286,000. Prudential Financial Inc. bought a new stake in BroadSoft during the first quarter worth about $360,000. Finally, Renaissance Technologies LLC increased its stake in BroadSoft by 405.4% in the first quarter. Renaissance Technologies LLC now owns 121,800 shares of the company’s stock valued at $4,915,000 after buying an additional 97,700 shares in the last quarter.
BroadSoft Inc. (NASDAQ:BSFT) traded up 2.47% during mid-day trading on Wednesday, reaching $46.44. 273,015 shares of the company traded hands. BroadSoft Inc. has a 52-week low of $26.99 and a 52-week high of $48.01. The company has a market capitalization of $1.38 billion, a P/E ratio of 341.47 and a beta of 1.46. The stock has a 50 day moving average price of $44.40 and a 200-day moving average price of $41.98.
BroadSoft (NASDAQ:BSFT) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.13. BroadSoft had a return on equity of 11.07% and a net margin of 0.79%. The company had revenue of $81.70 million for the quarter, compared to analysts’ expectations of $78.99 million. During the same quarter in the prior year, the business posted $0.32 EPS. The business’s revenue was up 26.7% compared to the same quarter last year. Analysts expect that BroadSoft Inc. will post $2.06 EPS for the current fiscal year.
Several equities research analysts have issued reports on the stock. William Blair reiterated an “outperform” rating on shares of BroadSoft in a research note on Tuesday, August 2nd. Dougherty & Co boosted their price objective on shares of BroadSoft from $47.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. Raymond James Financial Inc. boosted their price objective on shares of BroadSoft from $45.00 to $51.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, August 2nd. Finally, Jefferies Group boosted their price objective on shares of BroadSoft from $48.00 to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. BroadSoft currently has an average rating of “Buy” and a consensus price target of $45.00.
In related news, insider Dennis Dourgarian sold 2,600 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $45.40, for a total value of $118,040.00. Following the sale, the insider now owns 30,035 shares in the company, valued at approximately $1,363,589. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Taher G. Behbehani sold 4,273 shares of the stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $45.89, for a total value of $196,087.97. Following the completion of the sale, the insider now owns 62,574 shares in the company, valued at approximately $2,871,520.86. The disclosure for this sale can be found here. Insiders own 1.50% of the company’s stock.
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.
Want to see what other hedge funds are holding BSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BroadSoft Inc. (NASDAQ:BSFT).
Receive News & Ratings for BroadSoft Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BroadSoft Inc. and related companies with MarketBeat.com's FREE daily email newsletter.