7.3% Stake of BroadSoft, Inc. (BSFT) Maintained by P2 CAPITAL PARTNERS, LLC Total Shares: 2,250,000
P2 CAPITAL PARTNERS, LLC
stated that they own 7.3% of BroadSoft, Inc. (NASDAQ:BSFT) in a Form 13D disclosure that was filed with the Securities and Exchange Commission on Monday, September 25th. The investor owns 2,250,000 shares of the stock worth about $111,937,500. The reporting parties listed on the disclosure included P2 Capital Partners, LLC, P2 Capital Master Fund I, LP, P2 Capital Master Fund VI, LP, P2 Capital Master Fund XII, LP and Claus Molle. The disclosure is available through EDGAR at this link.
P2 CAPITAL PARTNERS, LLC
provided the following explanation of their ownership:
The Reporting Persons acquired their beneficial ownership of the Shares in order to obtain a significant equity position in the Issuer. Consistent with their investment purpose, the Reporting Persons have had or may in the future have discussions with management, members of the board of directors and other shareholders and may make suggestions and give advice to the Issuer regarding measures and changes that would maximize shareholder value. Such discussions and advice may concern the Issuer’s operations, capital structure, strategic and extraordinary transactions, management and governance and other matters that the Reporting Persons deem relevant to their investment in the Issuer.
The Reporting Persons may at any time acquire additional Shares (or other securities) of the Issuer or dispose of any or all of their Shares or other securities in the open market or otherwise or engage in any hedging or similar transactions with respect to such Shares (or other securities), depending upon their ongoing evaluation of their investment in such Shares (or other securities), prevailing market conditions, other investment opportunities and/or other investment considerations.
Except as otherwise set forth above in this Item 4, none of the Reporting Persons have any present plans or proposals that relate to or would result in any of the actions specified in clauses (a) through (j) of the instructions to Item 4 of Schedule 13D.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BSFT. Ameritas Investment Partners Inc. purchased a new stake in shares of BroadSoft in the first quarter worth $102,000. Koch Industries Inc. purchased a new stake in shares of BroadSoft in the first quarter worth $220,000. Pitcairn Co. purchased a new stake in shares of BroadSoft in the second quarter worth $222,000. US Bancorp DE grew its stake in shares of BroadSoft by 9.6% in the second quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after acquiring an additional 579 shares during the last quarter. Finally, Wrapmanager Inc. purchased a new stake in shares of BroadSoft in the second quarter worth $300,000.
In other BroadSoft news, insider Scott D. Hoffpauir sold 13,344 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total transaction of $640,512.00. Following the sale, the insider now owns 114,398 shares in the company, valued at approximately $5,491,104. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director John D. Jr. Markley sold 3,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total value of $144,000.00. Following the sale, the director now owns 22,839 shares in the company, valued at approximately $1,096,272. The disclosure for this sale can be found here. Insiders have sold a total of 29,688 shares of company stock worth $1,458,384 over the last ninety days. 1.50% of the stock is currently owned by corporate insiders.
BroadSoft, Inc. (NASDAQ:BSFT) traded up 0.50% during midday trading on Monday, hitting $50.00. The company had a trading volume of 125,054 shares. The stock’s market capitalization is $1.55 billion. The stock has a 50 day moving average price of $46.26 and a 200-day moving average price of $41.96. BroadSoft, Inc. has a 52 week low of $33.85 and a 52 week high of $52.15.
BroadSoft (NASDAQ:BSFT) last announced its earnings results on Monday, August 7th. The software maker reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 company had revenue of $88.80 million for the quarter, compared to analyst estimates of $86.63 million. During the same period in the prior year, the company posted $0.49 EPS. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities analysts predict that BroadSoft, Inc. will post $2.27 EPS for the current year.
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A number of equities research analysts have recently commented on BSFT shares. BidaskClub raised BroadSoft from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, June 27th. ValuEngine raised BroadSoft from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Cowen and Company reissued a “buy” rating and issued a $51.00 target price on shares of BroadSoft in a research note on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and issued a $55.00 target price on shares of BroadSoft in a research note on Tuesday, July 25th. Finally, Robert W. Baird increased their target price on BroadSoft from $41.00 to $45.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 8th. Five equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $48.38.
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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