BroadSoft (BSFT) Rating Increased to Hold at Zacks Investment Research

BroadSoft (NASDAQ:BSFT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

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. “

Other research analysts also recently issued reports about the stock. Dougherty & Co downgraded shares of BroadSoft from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 24th. BidaskClub downgraded shares of BroadSoft from a “hold” rating to a “sell” rating in a research note on Wednesday, December 20th. Needham & Company LLC downgraded shares of BroadSoft from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Cowen downgraded shares of BroadSoft from an “outperform” rating to a “market perform” rating in a research note on Tuesday, November 7th. Finally, Northland Securities restated a “hold” rating and issued a $42.00 target price on shares of BroadSoft in a research note on Sunday, November 19th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $50.40.

BroadSoft (NASDAQ:BSFT) traded up $0.15 on Monday, reaching $54.80. 1,068,500 shares of the company’s stock traded hands, compared to its average volume of 822,783. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.41. BroadSoft has a 12 month low of $33.85 and a 12 month high of $55.05. The stock has a market capitalization of $1,740.00, a P/E ratio of -152.22, a P/E/G ratio of 3.53 and a beta of 0.93.

In other BroadSoft news, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction on Friday, November 17th. The shares were sold at an average price of $54.57, for a total transaction of $242,727.36. Following the transaction, the insider now directly owns 90,208 shares in the company, valued at approximately $4,922,650.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 13,344 shares of company stock worth $721,110 over the last quarter. 1.50% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of BroadSoft by 3.8% during the second quarter. Vanguard Group Inc. now owns 2,533,349 shares of the software maker’s stock worth $109,060,000 after purchasing an additional 92,265 shares during the period. Brown Advisory Inc. raised its holdings in shares of BroadSoft by 6.2% during the third quarter. Brown Advisory Inc. now owns 1,722,896 shares of the software maker’s stock worth $86,662,000 after purchasing an additional 100,797 shares during the period. Southpoint Capital Advisors LP acquired a new stake in shares of BroadSoft during the second quarter worth $59,979,000. Legion Partners Asset Management LLC raised its holdings in shares of BroadSoft by 166.0% during the third quarter. Legion Partners Asset Management LLC now owns 929,226 shares of the software maker’s stock worth $46,740,000 after purchasing an additional 579,835 shares during the period. Finally, Voya Investment Management LLC raised its holdings in shares of BroadSoft by 4.7% during the second quarter. Voya Investment Management LLC now owns 911,758 shares of the software maker’s stock worth $39,251,000 after purchasing an additional 40,676 shares during the period.

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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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