BroadSoft, Inc. (BSFT) Downgraded by Cowen and Company
Several other research firms have also issued reports on BSFT. Zacks Investment Research lowered shares of BroadSoft from a buy rating to a hold rating in a research note on Thursday, October 26th. Raymond James Financial, Inc. reissued an outperform rating and set a $55.00 target price on shares of BroadSoft in a research note on Tuesday, October 24th. Dougherty & Co lowered shares of BroadSoft from a buy rating to a neutral rating in a research note on Tuesday, October 24th. Needham & Company LLC lowered shares of BroadSoft from a buy rating to a hold rating in a research note on Tuesday, October 24th. Finally, William Blair reissued an outperform rating on shares of BroadSoft in a research note on Thursday, October 5th. Nine research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $50.40.
Shares of BroadSoft (NASDAQ BSFT) remained flat at $$54.75 on Tuesday. The stock had a trading volume of 1,024,285 shares, compared to its average volume of 530,313. The company has a market capitalization of $1,730.00, a price-to-earnings ratio of 156.43, a P/E/G ratio of 4.37 and a beta of 0.96. The company has a current ratio of 2.64, a quick ratio of 3.94 and a debt-to-equity ratio of 0.41. BroadSoft has a 12 month low of $33.85 and a 12 month high of $55.00.
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In other BroadSoft news, insider Scott D. Hoffpauir sold 8,896 shares of the stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $50.00, for a total value of $444,800.00. Following the completion of the sale, the insider now owns 105,502 shares in the company, valued at approximately $5,275,100. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Scott D. Hoffpauir sold 13,344 shares of the stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total transaction of $640,512.00. Following the completion of the sale, the insider now owns 114,398 shares of the company’s stock, valued at approximately $5,491,104. The disclosure for this sale can be found here. Insiders sold a total of 34,136 shares of company stock worth $1,693,639 over the last ninety days. 1.50% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in BSFT. Eqis Capital Management Inc. acquired a new stake in BroadSoft in the 3rd quarter valued at about $208,000. Pitcairn Co. acquired a new stake in BroadSoft in the 2nd quarter valued at about $222,000. US Bancorp DE raised its holdings in BroadSoft by 9.6% in the 2nd quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock valued at $284,000 after acquiring an additional 579 shares during the last quarter. Wrapmanager Inc. acquired a new stake in BroadSoft in the 2nd quarter valued at about $300,000. Finally, Ramsey Quantitative Systems acquired a new stake in BroadSoft in the 2nd quarter valued at about $349,000.
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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