State Street Corp Buys 7,842 Shares of BroadSoft, Inc. (NASDAQ:BSFT)
State Street Corp increased its stake in BroadSoft, Inc. (NASDAQ:BSFT) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 541,859 shares of the software maker’s stock after buying an additional 7,842 shares during the period. State Street Corp’s holdings in BroadSoft were worth $21,784,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. bought a new position in BroadSoft during the first quarter valued at approximately $102,000. Koch Industries Inc. bought a new position in BroadSoft during the first quarter valued at approximately $220,000. Fox Run Management L.L.C. bought a new position in BroadSoft during the first quarter valued at approximately $225,000. Wealthsource Partners LLC raised its position in BroadSoft by 13.2% in the first quarter. Wealthsource Partners LLC now owns 6,285 shares of the software maker’s stock valued at $253,000 after buying an additional 735 shares during the period. Finally, Atria Investments LLC raised its position in BroadSoft by 3.7% in the first quarter. Atria Investments LLC now owns 6,384 shares of the software maker’s stock valued at $257,000 after buying an additional 227 shares during the period.
Shares of BroadSoft, Inc. (BSFT) traded up 1.38% during trading on Friday, hitting $44.20. The company’s stock had a trading volume of 467,229 shares. The firm’s 50 day moving average is $43.28 and its 200-day moving average is $41.22. BroadSoft, Inc. has a 1-year low of $33.85 and a 1-year high of $48.40. The company’s market capitalization is $1.37 billion.
BroadSoft (NASDAQ:BSFT) last issued its quarterly earnings data on Monday, August 7th. The software maker reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.53. The business had revenue of $88.80 million for the quarter, compared to analyst estimates of $86.63 million. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.49 EPS. Analysts forecast that BroadSoft, Inc. will post $2.27 EPS for the current fiscal year.
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Several equities analysts recently commented on the company. Jefferies Group LLC reissued a “buy” rating and set a $55.00 price target on shares of BroadSoft in a research report on Tuesday, July 25th. William Blair reissued a “buy” rating on shares of BroadSoft in a research report on Wednesday. Cowen and Company reissued an “outperform” rating and set a $51.00 price target on shares of BroadSoft in a research report on Wednesday, June 28th. BidaskClub lowered BroadSoft from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Robert W. Baird boosted their price target on BroadSoft from $41.00 to $45.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 8th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus 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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