Gabelli Funds LLC Purchases Shares of 408,860 BroadSoft Inc (BSFT)

Gabelli Funds LLC purchased a new position in shares of BroadSoft Inc (NASDAQ:BSFT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 408,860 shares of the software maker’s stock, valued at approximately $22,446,000.

Several other large investors have also recently made changes to their positions in the company. Chicago Capital Management LLC purchased a new stake in shares of BroadSoft during the 4th quarter worth approximately $18,540,000. SG Americas Securities LLC purchased a new stake in shares of BroadSoft during the 4th quarter worth approximately $2,053,000. Omni Partners LLP purchased a new stake in shares of BroadSoft during the 4th quarter worth approximately $259,000. Schwab Charles Investment Management Inc. boosted its stake in shares of BroadSoft by 6.3% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 157,555 shares of the software maker’s stock worth $8,650,000 after acquiring an additional 9,356 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of BroadSoft by 229,591.8% during the 4th quarter. Bank of Montreal Can now owns 225,098 shares of the software maker’s stock worth $12,358,000 after acquiring an additional 225,000 shares in the last quarter.

In related news, insider Scott D. Hoffpauir sold 4,448 shares of the company’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $54.96, for a total value of $244,462.08. Following the sale, the insider now owns 77,991 shares of the company’s stock, valued at approximately $4,286,385.36. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders sold 13,344 shares of company stock worth $730,317. 1.50% of the stock is owned by corporate insiders.

BSFT has been the topic of several research analyst reports. Zacks Investment Research lowered BroadSoft from a “buy” rating to a “hold” rating in a research note on Wednesday, October 18th. Robert W. Baird reissued a “hold” rating and set a $45.00 price target on shares of BroadSoft in a research note on Friday, October 20th. Raymond James Financial reaffirmed an “outperform” rating and issued a $55.00 target price on shares of BroadSoft in a research note on Tuesday, October 24th. BidaskClub lowered BroadSoft from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 10th. Finally, Northland Securities reaffirmed a “hold” rating and issued a $42.00 target price on shares of BroadSoft in a research note on Sunday, November 19th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. BroadSoft currently has an average rating of “Hold” and an average target price of $50.40.

Shares of BroadSoft Inc (NASDAQ BSFT) opened at $54.95 on Wednesday. BroadSoft Inc has a 52 week low of $33.85 and a 52 week high of $55.05. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $1,740.00, a P/E ratio of -152.50 and a beta of 0.97.

BroadSoft (NASDAQ:BSFT) last posted its earnings results on Monday, November 6th. The software maker reported $0.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. BroadSoft had a positive return on equity of 3.78% and a negative net margin of 2.86%. The firm had revenue of $91.47 million for the quarter, compared to analyst estimates of $87.92 million.

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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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Institutional Ownership by Quarter for BroadSoft (NASDAQ:BSFT)

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