Rubric Capital Management LP Buys New Stake in BroadSoft, Inc. (NASDAQ:BSFT)
Rubric Capital Management LP bought a new position in shares of 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 bought 393,000 shares of the software maker’s stock, valued at approximately $16,919,000. BroadSoft accounts for approximately 3.5% of Rubric Capital Management LP’s holdings, making the stock its 5th largest position.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Campbell & CO Investment Adviser LLC purchased a new position in BroadSoft during the first quarter worth $326,000. Virginia Retirement Systems ET AL increased its position in BroadSoft by 55.7% in the first quarter. Virginia Retirement Systems ET AL now owns 45,000 shares of the software maker’s stock worth $1,809,000 after buying an additional 16,100 shares in the last quarter. Symphony Asset Management LLC increased its position in BroadSoft by 36.6% in the first quarter. Symphony Asset Management LLC now owns 49,839 shares of the software maker’s stock worth $2,004,000 after buying an additional 13,352 shares in the last quarter. TD Asset Management Inc. increased its position in BroadSoft by 2.8% in the first quarter. TD Asset Management Inc. now owns 14,500 shares of the software maker’s stock worth $583,000 after buying an additional 400 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in BroadSoft by 22.7% in the first quarter. UBS Asset Management Americas Inc. now owns 10,799 shares of the software maker’s stock valued at $434,000 after buying an additional 2,000 shares during the period.
BroadSoft, Inc. (BSFT) opened at 44.20 on Friday. BroadSoft, Inc. has a 12-month low of $33.85 and a 12-month high of $48.40. The stock’s market cap is $1.37 billion. The firm’s 50-day moving average price is $43.28 and its 200 day moving average price is $41.22.
BroadSoft (NASDAQ:BSFT) last announced its earnings results on Monday, August 7th. The software maker reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.53. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The business had revenue of $88.80 million during the quarter, compared to analysts’ expectations of $86.63 million. During the same quarter in the prior year, the firm earned $0.49 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. Analysts anticipate that BroadSoft, Inc. will post $2.27 EPS for the current year.
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Several research firms have recently commented on BSFT. William Blair reaffirmed a “buy” rating on shares of BroadSoft in a research note on Wednesday. Robert W. Baird raised their price objective on BroadSoft from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. Cowen and Company reaffirmed a “buy” rating and issued a $51.00 price objective on shares of BroadSoft in a research note on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $55.00 price objective on shares of BroadSoft in a research note on Tuesday, July 25th. Finally, BidaskClub downgraded BroadSoft from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $47.00.
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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