Bank of New York Mellon Corp increased its position in shares of BroadSoft Inc (NASDAQ:BSFT) by 6.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 157,259 shares of the software maker’s stock after buying an additional 9,336 shares during the period. Bank of New York Mellon Corp owned 0.50% of BroadSoft worth $7,910,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Eqis Capital Management Inc. bought a new stake in BroadSoft in the 3rd quarter valued at $208,000. Ramsey Quantitative Systems bought a new stake in BroadSoft in the 2nd quarter valued at $349,000. Renaissance Group LLC boosted its holdings in BroadSoft by 16.9% in the 2nd quarter. Renaissance Group LLC now owns 8,285 shares of the software maker’s stock valued at $357,000 after purchasing an additional 1,196 shares during the period. Legal & General Group Plc boosted its holdings in BroadSoft by 35.0% in the 2nd quarter. Legal & General Group Plc now owns 9,506 shares of the software maker’s stock valued at $409,000 after purchasing an additional 2,465 shares during the period. Finally, AHL Partners LLP boosted its holdings in BroadSoft by 72.3% in the 2nd quarter. AHL Partners LLP now owns 17,105 shares of the software maker’s stock valued at $736,000 after purchasing an additional 7,180 shares during the period.
A number of analysts have weighed in on BSFT shares. Jefferies Group reissued a “buy” rating and issued a $55.00 price target on shares of BroadSoft in a report on Thursday, September 28th. Needham & Company LLC increased their price objective on shares of BroadSoft from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. Zacks Investment Research upgraded shares of BroadSoft from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Tuesday, October 17th. Robert W. Baird restated a “hold” rating and issued a $45.00 price objective on shares of BroadSoft in a research note on Friday, October 20th. Finally, ValuEngine upgraded shares of BroadSoft from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. One analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.40.
In related news, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction dated Tuesday, October 17th. The shares were sold at an average price of $52.89, for a total transaction of $235,254.72. Following the completion of the sale, the insider now owns 94,656 shares in the company, valued at approximately $5,006,355.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 13,344 shares of company stock valued at $721,110 in the last quarter. 1.50% of the stock is currently owned by corporate insiders.
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.
Want to see what other hedge funds are holding BSFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BroadSoft Inc (NASDAQ:BSFT).
Receive News & Ratings for BroadSoft Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BroadSoft and related companies with MarketBeat.com's FREE daily email newsletter.