Raymond James Financial Services Advisors Inc. boosted its position in shares of BroadSoft, Inc. (NASDAQ:BSFT) by 651.2% during the fourth quarter, Holdings Channel reports. The firm owned 75,913 shares of the company’s stock after buying an additional 65,808 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in BroadSoft were worth $3,131,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Argent Capital Management LLC raised its position in BroadSoft by 14.9% in the second quarter. Argent Capital Management LLC now owns 72,650 shares of the company’s stock worth $2,981,000 after buying an additional 9,400 shares during the period. Nationwide Fund Advisors raised its position in BroadSoft by 2.6% in the second quarter. Nationwide Fund Advisors now owns 19,408 shares of the company’s stock worth $796,000 after buying an additional 488 shares during the period. UBS Asset Management Americas Inc. raised its position in BroadSoft by 23.5% in the second quarter. UBS Asset Management Americas Inc. now owns 14,699 shares of the company’s stock worth $603,000 after buying an additional 2,800 shares during the period. Teacher Retirement System of Texas raised its position in BroadSoft by 20.4% in the second quarter. Teacher Retirement System of Texas now owns 4,053 shares of the company’s stock worth $166,000 after buying an additional 686 shares during the period. Finally, Vanguard Group Inc. raised its position in BroadSoft by 3.0% in the second quarter. Vanguard Group Inc. now owns 2,135,790 shares of the company’s stock worth $87,631,000 after buying an additional 61,511 shares during the period.
Shares of BroadSoft, Inc. (NASDAQ:BSFT) traded down 1.39% during mid-day trading on Monday, reaching $42.50. 102,523 shares of the company’s stock traded hands. The company has a market capitalization of $1.28 billion, a P/E ratio of 191.44 and a beta of 1.67. BroadSoft, Inc. has a 1-year low of $27.46 and a 1-year high of $48.40. The firm has a 50-day moving average price of $42.38 and a 200-day moving average price of $43.40.
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Several research analysts have recently weighed in on BSFT shares. William Blair reiterated a “buy” rating on shares of BroadSoft in a report on Wednesday, October 26th. Needham & Company LLC cut their price objective on shares of BroadSoft from $48.00 to $47.00 and set a “buy” rating on the stock in a report on Tuesday, November 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. BroadSoft presently has a consensus rating of “Buy” and a consensus price target of $45.29.
In related news, insider Taher G. Behbehani sold 4,188 shares of the stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $41.17, for a total value of $172,419.96. Following the sale, the insider now owns 50,141 shares in the company, valued at $2,064,304.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.50% of the company’s stock.
BroadSoft Company Profile
BroadSoft, Inc is a provider of software and services that enable telecommunications service providers to deliver hosted, cloud-based Unified Communications (UC) to their enterprise customers. The Company offers service providers two deployment options, software and software-as-a-service (SaaS), to enable them to offer UC services to their enterprise customers.
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