Zacks Investment Research cut shares of BroadSoft, Inc. (NASDAQ:BSFT) from a strong-buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “BroadSoft, Inc. is engaged in providing software that enables fixed-line, mobile and cable service providers to deliver voice and multimedia services over their Internet protocol-based, or IP-based, networks. The Company’s software, BroadWorks, enables its service provider customers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications, such as hosted IP private branch exchanges, or PBXs, video calling, unified communications, or UC, collaboration and converged mobile and fixed-line services. BroadSoft, Inc. is headquartered in Gaithersburg, Maryland. “

Several other equities research analysts have also issued reports on the stock. William Blair reissued an outperform rating on shares of BroadSoft in a report on Thursday, October 5th. Northland Securities reissued a hold rating and issued a $42.00 target price on shares of BroadSoft in a report on Wednesday, October 4th. Jefferies Group LLC reissued a buy rating and issued a $55.00 target price on shares of BroadSoft in a report on Thursday, September 28th. Needham & Company LLC increased their target price on shares of BroadSoft from $48.00 to $55.00 and gave the stock a buy rating in a report on Wednesday, September 6th. Finally, ValuEngine raised shares of BroadSoft from a sell rating to a hold rating in a report on Friday, September 1st. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. BroadSoft presently has a consensus rating of Buy and a consensus price target of $50.00.

BroadSoft (BSFT) traded down 0.28% during mid-day trading on Tuesday, reaching $53.40. 29,607 shares of the company were exchanged. The stock has a 50-day moving average price of $50.06 and a 200 day moving average price of $43.10. The company’s market capitalization is $1.66 billion. BroadSoft has a one year low of $33.85 and a one year high of $54.70.

BroadSoft (NASDAQ:BSFT) last issued its quarterly earnings data on Monday, August 7th. The software maker reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.53. The firm had revenue of $88.80 million for the quarter, compared to analysts’ expectations of $86.63 million. BroadSoft had a negative net margin of 2.34% and a positive return on equity of 4.72%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.49 EPS. Analysts predict that BroadSoft will post $2.27 EPS for the current year.

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In other BroadSoft news, Director John D. Jr. Markley sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total transaction of $144,000.00. Following the completion of the sale, the director now directly owns 22,839 shares of the company’s stock, valued at approximately $1,096,272. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $51.50, for a total transaction of $229,072.00. Following the sale, the insider now directly owns 101,054 shares of the company’s stock, valued at $5,204,281. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,688 shares of company stock valued at $1,458,384. Insiders own 1.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Eqis Capital Management Inc. purchased a new stake in BroadSoft during the 3rd quarter valued at approximately $208,000. Bank of Nova Scotia purchased a new stake in BroadSoft during the 2nd quarter valued at approximately $4,305,000. The Manufacturers Life Insurance Company grew its holdings in BroadSoft by 3.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,393 shares of the software maker’s stock valued at $1,007,000 after buying an additional 750 shares in the last quarter. Southpoint Capital Advisors LP purchased a new stake in BroadSoft during the 2nd quarter valued at approximately $59,979,000. Finally, State Street Corp grew its holdings in BroadSoft by 7.1% during the 2nd quarter. State Street Corp now owns 580,331 shares of the software maker’s stock valued at $24,984,000 after buying an additional 38,472 shares in the last quarter.

About BroadSoft

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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