Broadsoft Price Target Lowered to $35.00 at Wedbush (BSFT)
Equities research analysts at Wedbush decreased their price target on shares of Broadsoft (NASDAQ: BSFT) from $35.00 to $35.00 in a research note issued to investors on Thursday. The firm currently has a “neutral” rating on the stock.
The analysts wrote, “We maintain our NEUTRAL rating due to risk to 2013 guidance given estimates that are skewed to 2H13, potential cannibalization of the core product by the recently launched cloud offering, and uncertainty on the magnitude of revenue uplift once carrier spending on VoLTE commences. Despite in-line Q4 revenue and a strong EPS beat, the outlook for Q1 and for FY13 for both revenue and EPS fell well short of expectations. Management cited expected declines in its consumer and professional service businesses for the shortfall.”
BSFT has been the subject of a number of other recent research reports. Analysts at Goldman Sachs cut their price target on shares of Broadsoft to $38.00 in a research note to investors on Thursday. Finally, analysts at Northland Securities downgraded shares of Broadsoft from an “outperform” rating to a “market perform” rating in a research note to investors on Thursday. They now have a $28.00 price target on the stock.
Four research analysts have rated the stock with a buy rating, and two have given a hold rating to the company. The company currently has an average rating of “overweight” and a consensus price target of $42.00.
Broadsoft traded down 32.35% on Thursday, hitting $20.91. Broadsoft has a 1-year low of $20.13 and a 1-year high of $45.32. The stock’s 50-day moving average is currently $35.40. The company has a market cap of $582.0 million and a price-to-earnings ratio of 69.93.
Broadsoft last announced its earnings results on Wednesday, February 27th. The company reported $0.47 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.06. The company had revenue of $45.80 million for the quarter, compared to the consensus estimate of $45.79 million. During the same quarter last year, the company posted $0.38 earnings per share. Broadsoft ‘s revenue was up 12.8% compared to the same quarter last year. Broadsoft has set its Q1 guidance at $0.02-0.12 EPS and its FY13 guidance at $1.10-1.35 EPS. On average, analysts predict that Broadsoft will post $1.72 earnings per share for the current fiscal year.
BroadSoft, Inc. (BroadSoft) is a global provider of software and services that enable mobile, fixed-line and cable service providers to deliver unified communications (UC) and other voice and multimedia services over their Internet protocol-based (IP-based) networks.