BroadSoft, Inc. (NASDAQ:BSFT) Position Cut by JPMorgan Chase & Co.

JPMorgan Chase & Co. reduced its holdings in shares of BroadSoft, Inc. (NASDAQ:BSFT) by 73.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,511 shares of the software maker’s stock after selling 18,342 shares during the period. JPMorgan Chase & Co.’s holdings in BroadSoft were worth $280,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. Cipher Capital LP purchased a new stake in shares of BroadSoft in the second quarter valued at about $1,856,000. Scout Investments Inc. boosted its holdings in shares of BroadSoft by 3.9% in 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. Renaissance Group LLC boosted its holdings in shares of BroadSoft by 16.9% in the second quarter. Renaissance Group LLC now owns 8,285 shares of the software maker’s stock valued at $357,000 after acquiring an additional 1,196 shares in the last quarter. Blair William & Co. IL boosted its holdings in shares of BroadSoft by 7.3% in the second quarter. Blair William & Co. IL now owns 166,019 shares of the software maker’s stock valued at $7,147,000 after acquiring an additional 11,260 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of BroadSoft by 35.0% in the second quarter. Legal & General Group Plc now owns 9,506 shares of the software maker’s stock valued at $409,000 after acquiring an additional 2,465 shares in the last quarter.

Shares of BroadSoft, Inc. (NASDAQ:BSFT) remained flat at $$54.75 on Friday. The stock had a trading volume of 1,251,200 shares, compared to its average volume of 530,314. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.64 and a quick ratio of 3.94. The company has a market cap of $1,732.80, a price-to-earnings ratio of 156.43, a PEG ratio of 4.28 and a beta of 0.96. BroadSoft, Inc. has a fifty-two week low of $33.85 and a fifty-two week high of $55.00.

In other news, insider Scott D. Hoffpauir sold 4,448 shares of the business’s stock in a transaction that occurred on Tuesday, October 17th. The shares were sold at an average price of $52.89, for a total value of $235,254.72. Following the completion of the transaction, the insider now owns 94,656 shares of the company’s stock, valued at $5,006,355.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Scott D. Hoffpauir sold 13,344 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 114,398 shares of the company’s stock, valued at approximately $5,491,104. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,136 shares of company stock valued at $1,693,639. 1.50% of the stock is currently owned by company insiders.

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Several analysts have recently weighed in on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $55.00 target price on shares of BroadSoft in a report on Tuesday, July 25th. Zacks Investment Research raised shares of BroadSoft from a “hold” rating to a “buy” rating and set a $62.00 target price on the stock in a report on Wednesday, October 25th. William Blair reiterated a “buy” rating on shares of BroadSoft in a research note on Wednesday, August 9th. Cowen and Company cut shares of BroadSoft from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, Northland Securities reiterated a “hold” rating and issued a $42.00 price objective on shares of BroadSoft in a research note on Wednesday, October 4th. Nine investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. BroadSoft currently has a consensus rating of “Hold” and a consensus price target of $50.40.

BroadSoft 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.

Institutional Ownership by Quarter for BroadSoft (NASDAQ:BSFT)

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