BroadSoft, Inc. (BSFT) Downgraded to Market Perform at Raymond James Financial, Inc.

Raymond James Financial, Inc. lowered shares of BroadSoft, Inc. (NASDAQ:BSFT) from an outperform rating to a market perform rating in a research note published on Wednesday.

A number of other brokerages have also issued reports on BSFT. Jefferies Group LLC reissued a buy rating and set a $55.00 target price on shares of BroadSoft in a research note on Tuesday, July 25th. Zacks Investment Research upgraded shares of BroadSoft from a hold rating to a buy rating and set a $62.00 target price for the company in a report on Wednesday, October 25th. William Blair reiterated a buy rating on shares of BroadSoft in a report on Wednesday, August 9th. Cowen and Company downgraded shares of BroadSoft from an outperform rating to a market perform rating in a report on Tuesday, November 7th. Finally, Northland Securities reiterated a hold rating and issued a $42.00 target price on shares of BroadSoft in a report on Wednesday, October 4th. Ten analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. BroadSoft presently has a consensus rating of Hold and an average target price of $50.40.

Shares of BroadSoft (BSFT) remained flat at $$54.55 during trading hours on Wednesday. The company had a trading volume of 2,385,632 shares, compared to its average volume of 556,472. BroadSoft has a 1-year low of $33.85 and a 1-year high of $55.00. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.41. The stock has a market cap of $1,730.00, a P/E ratio of 156.14, a PEG ratio of 4.27 and a beta of 0.96.

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In other news, Director John D. Jr. Markley sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. Following the completion of the transaction, 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 filing with the SEC, which is available at this link. Also, insider Scott D. Hoffpauir sold 13,344 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total value of $640,512.00. Following the transaction, the insider now directly owns 114,398 shares of the company’s stock, valued at $5,491,104. The disclosure for this sale can be found here. Insiders have sold 34,136 shares of company stock worth $1,693,639 in the last 90 days. Insiders own 1.50% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Cornerstone Capital Management Holdings LLC. acquired a new stake in shares of BroadSoft in the 3rd quarter worth $130,000. Eqis Capital Management Inc. acquired a new stake in shares of BroadSoft during the 3rd quarter worth about $208,000. Pitcairn Co. acquired a new stake in shares of BroadSoft during the 2nd quarter worth about $222,000. US Bancorp DE raised its position in shares of BroadSoft by 9.6% during the 2nd quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after acquiring an additional 579 shares in the last quarter. Finally, Wrapmanager Inc. acquired a new stake in shares of BroadSoft during the 2nd quarter worth about $300,000.

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.

Analyst Recommendations for BroadSoft (NASDAQ:BSFT)

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