BroadSoft, Inc. (BSFT) Downgraded by Cowen Inc to Market Perform

Cowen Inc cut shares of BroadSoft, Inc. (NASDAQ:BSFT) from an outperform rating to a market perform rating in a research note released on Tuesday, November 7th.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC cut BroadSoft from a buy rating to a hold rating in a report on Tuesday, October 24th. Zacks Investment Research cut BroadSoft from a strong-buy rating to a hold rating in a report on Tuesday, October 10th. Northland Securities restated a hold rating and issued a $42.00 price target on shares of BroadSoft in a report on Friday, July 21st. William Blair restated an outperform rating on shares of BroadSoft in a report on Thursday, October 5th. Finally, BidaskClub cut BroadSoft from a buy rating to a hold rating in a report on Monday, July 24th. Ten investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. BroadSoft currently has an average rating of Hold and an average price target of $50.40.

BroadSoft (BSFT) opened at $54.80 on Tuesday. The firm has a market capitalization of $1,730.00, a P/E ratio of 156.57, a price-to-earnings-growth ratio of 4.29 and a beta of 0.96. BroadSoft has a fifty-two week low of $33.85 and a fifty-two week high of $55.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.64 and a quick ratio of 2.64.

In related news, Director John D. Jr. Markley sold 3,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $48.00, for a total transaction of $144,000.00. Following the transaction, the director now directly owns 22,839 shares in the company, valued at $1,096,272. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Scott D. Hoffpauir sold 4,448 shares of the firm’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $54.57, for a total value of $242,727.36. Following the transaction, the insider now owns 90,208 shares in the company, valued at $4,922,650.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,584 shares of company stock valued at $1,936,366. Company insiders own 1.50% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sei Investments Co. lifted its stake in BroadSoft by 1.1% during the second quarter. Sei Investments Co. now owns 36,486 shares of the software maker’s stock worth $1,571,000 after purchasing an additional 410 shares during the last quarter. Tealwood Asset Management Inc. lifted its stake in BroadSoft by 0.7% during the second quarter. Tealwood Asset Management Inc. now owns 66,260 shares of the software maker’s stock worth $2,852,000 after purchasing an additional 435 shares during the last quarter. US Bancorp DE lifted its stake in BroadSoft by 9.6% during the second quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after purchasing an additional 579 shares during the last quarter. Teachers Advisors LLC lifted its stake in BroadSoft by 1.2% during the first quarter. Teachers Advisors LLC now owns 49,286 shares of the software maker’s stock worth $1,981,000 after purchasing an additional 581 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in BroadSoft by 3.3% during the second quarter. The Manufacturers Life Insurance Company now owns 23,393 shares of the software maker’s stock worth $1,007,000 after purchasing an additional 750 shares during the last quarter.

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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.

Analyst Recommendations for BroadSoft (NASDAQ:BSFT)

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