The Manufacturers Life Insurance Company grew its holdings in shares of BroadSoft, Inc. (NASDAQ:BSFT) by 3.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,393 shares of the software maker’s stock after purchasing an additional 750 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of BroadSoft worth $1,007,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of BSFT. BlackRock Inc. lifted its holdings in shares of BroadSoft by 86,871.0% during the 1st quarter. BlackRock Inc. now owns 2,208,194 shares of the software maker’s stock valued at $88,770,000 after purchasing an additional 2,205,655 shares during the last quarter. Southpoint Capital Advisors LP purchased a new stake in shares of BroadSoft during the 2nd quarter valued at $59,979,000. SQN Investors LP purchased a new stake in shares of BroadSoft during the 2nd quarter valued at $16,949,000. Rubric Capital Management LP purchased a new stake in shares of BroadSoft during the 2nd quarter valued at $16,919,000. Finally, Legion Partners Asset Management LLC purchased a new stake in shares of BroadSoft during the 2nd quarter valued at $15,041,000.
BroadSoft, Inc. (NASDAQ:BSFT) opened at $54.70 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.64 and a quick ratio of 2.64. BroadSoft, Inc. has a 12-month low of $33.85 and a 12-month high of $55.00. The stock has a market capitalization of $1,732.80, a price-to-earnings ratio of 156.43, a P/E/G ratio of 4.28 and a beta of 0.96.
In other BroadSoft news, Director John D. Jr. Markley sold 3,000 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. Following 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction dated Tuesday, October 17th. The stock was sold at an average price of $52.89, for a total value of $235,254.72. Following the sale, the insider now directly owns 94,656 shares in the company, valued at $5,006,355.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,136 shares of company stock worth $1,693,639. 1.50% of the stock is owned by insiders.
Several brokerages have recently commented on BSFT. Cowen and Company lowered BroadSoft from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 7th. Zacks Investment Research lowered BroadSoft from a “buy” rating to a “hold” rating in a report on Thursday, October 26th. Dougherty & Co lowered BroadSoft from a “buy” rating to a “neutral” rating in a report on Tuesday, October 24th. Raymond James Financial, Inc. reiterated an “outperform” rating and set a $55.00 price objective on shares of BroadSoft in a report on Tuesday, October 24th. Finally, Needham & Company LLC lowered BroadSoft from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. Nine analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $50.40.
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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