BroadSoft (BSFT) Cut to “Hold” at BidaskClub

BroadSoft (NASDAQ:BSFT) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Thursday.

A number of other equities research analysts also recently weighed in on the company. Needham & Company LLC downgraded BroadSoft from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. Zacks Investment Research downgraded BroadSoft from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 10th. William Blair reissued an “outperform” rating on shares of BroadSoft in a report on Thursday, October 5th. Cowen downgraded BroadSoft from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 7th. Finally, Northland Securities reissued a “hold” rating and set a $42.00 price objective 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 stock. The company currently has an average rating of “Hold” and an average price target of $50.40.

Shares of BroadSoft (NASDAQ:BSFT) traded up $0.02 during mid-day trading on Thursday, hitting $54.67. The company’s stock had a trading volume of 1,084,584 shares, compared to its average volume of 598,130. The firm has a market cap of $1,728.06, a P/E ratio of 156.00, a PEG ratio of 4.27 and a beta of 0.92. BroadSoft has a 52-week low of $33.85 and a 52-week high of $55.05. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.64 and a current ratio of 2.64.

In related news, insider Scott D. Hoffpauir sold 4,448 shares of the firm’s stock in a transaction 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 sale, 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 document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 13,344 shares of company stock worth $707,054. 1.50% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Cornerstone Capital Management Holdings LLC. acquired a new position in BroadSoft during the 3rd quarter worth about $130,000. Eqis Capital Management Inc. acquired a new position in BroadSoft during the 3rd quarter worth about $208,000. Pitcairn Co. acquired a new position in BroadSoft during the 2nd quarter worth about $222,000. US Bancorp DE lifted its holdings in 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 buying an additional 579 shares during the period. Finally, Wrapmanager Inc. acquired a new position in BroadSoft during the 2nd quarter worth about $300,000.

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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.

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