Zacks Investment Research Upgrades BroadSoft, Inc. (NASDAQ:BSFT) to Buy

Zacks Investment Research upgraded shares of BroadSoft, Inc. (NASDAQ:BSFT) from a hold rating to a buy rating in a research report report published on Tuesday, October 17th. The firm currently has $60.00 target price on the software maker’s stock.

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. “

A number of other equities analysts also recently issued reports on BSFT. Wells Fargo & Company restated an outperform rating and set a $50.00 price objective (up from $46.00) on shares of BroadSoft in a research report on Monday, June 19th. Jefferies Group LLC reissued a buy rating and issued a $55.00 price objective on shares of BroadSoft in a research note on Monday, June 26th. ValuEngine raised BroadSoft from a sell rating to a hold rating in a research report on Tuesday, June 27th. BidaskClub raised BroadSoft from a buy rating to a strong-buy rating in a research report on Tuesday, June 27th. Finally, Cowen and Company reaffirmed an outperform rating and set a $51.00 target price on shares of BroadSoft in a research report on Wednesday, June 28th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $50.40.

BroadSoft (NASDAQ:BSFT) traded up 0.09% during trading on Tuesday, hitting $54.90. 367,730 shares of the stock traded hands. The stock’s market cap is $1.70 billion. BroadSoft has a 52 week low of $33.85 and a 52 week high of $55.00. The firm’s 50-day moving average is $51.91 and its 200 day moving average is $44.06.

BroadSoft (NASDAQ:BSFT) last issued its quarterly earnings data on Monday, August 7th. The software maker reported $0.40 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.53. BroadSoft had a positive return on equity of 4.72% and a negative net margin of 2.34%. The company had revenue of $88.80 million during the quarter, compared to the consensus estimate of $86.63 million. During the same period last year, the company earned $0.49 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. Equities research analysts forecast that BroadSoft will post $2.27 earnings per share for the current fiscal year.

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In other BroadSoft news, insider Scott D. Hoffpauir sold 4,448 shares of the company’s stock in a transaction that occurred on Tuesday, October 17th. The stock was sold at an average price of $52.89, for a total transaction of $235,254.72. Following the completion of the transaction, the insider now owns 94,656 shares of the company’s stock, valued at approximately $5,006,355.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Scott D. Hoffpauir sold 8,896 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $50.00, for a total value of $444,800.00. Following the completion of the transaction, the insider now directly owns 105,502 shares of the company’s stock, valued at approximately $5,275,100. The disclosure for this sale can be found here. Insiders have sold a total of 34,136 shares of company stock valued at $1,693,639 in the last ninety days. 1.50% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Cipher Capital LP purchased a new position in shares of BroadSoft during the second quarter valued at approximately $1,856,000. Renaissance Group LLC boosted its position in shares of BroadSoft by 16.9% during the second quarter. Renaissance Group LLC now owns 8,285 shares of the software maker’s stock valued at $357,000 after buying an additional 1,196 shares during the period. Kennedy Capital Management Inc. purchased a new position in shares of BroadSoft during the second quarter valued at approximately $10,371,000. Legion Partners Asset Management LLC purchased a new position in shares of BroadSoft during the second quarter valued at approximately $15,041,000. Finally, Scout Investments Inc. raised its stake in shares of BroadSoft by 3.9% during the second quarter. Scout Investments Inc. now owns 149,950 shares of the software maker’s stock valued at $6,455,000 after acquiring an additional 5,650 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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