Today, Jennison Associates LLC decides to keep it stake in BroadSoft Inc. (BSFT) to the level of $1,124,000

Today, Jennison Associates LLC decides to keep it stake in BroadSoft Inc. (BSFT) to the level of $1,124,000

Jennison Associates LLC increased its position in shares of BroadSoft Inc. (NASDAQ:BSFT) by 100.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,147 shares of the company’s stock after buying an additional 12,088 shares during the period. Jennison Associates LLC owned about 0.08% of BroadSoft worth $1,124,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Prudential Financial Inc. bought a new position in shares of BroadSoft during the first quarter worth approximately $360,000. BlackRock Group LTD increased its position in shares of BroadSoft by 12.5% in the first quarter. BlackRock Group LTD now owns 26,938 shares of the company’s stock worth $1,088,000 after buying an additional 2,996 shares during the last quarter. A.R.T. Advisors LLC bought a new position in shares of BroadSoft during the first quarter worth approximately $1,100,000. Boothbay Fund Management LLC increased its position in shares of BroadSoft by 86.6% in the first quarter. Boothbay Fund Management LLC now owns 16,296 shares of the company’s stock worth $658,000 after buying an additional 7,564 shares during the last quarter. Finally, Fox Run Management L.L.C. bought a new position in shares of BroadSoft during the second quarter worth approximately $443,000.

Shares of BroadSoft Inc. (NASDAQ:BSFT) opened at 42.80 on Friday. The company has a market capitalization of $1.29 billion, a P/E ratio of 192.79 and a beta of 1.62. BroadSoft Inc. has a 52-week low of $26.99 and a 52-week high of $48.40. The firm has a 50-day moving average of $43.14 and a 200 day moving average of $43.63.

BroadSoft (NASDAQ:BSFT) last released its earnings results on Monday, October 31st. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.15. BroadSoft had a net margin of 2.01% and a return on equity of 11.32%. The company had revenue of $84.10 million for the quarter, compared to the consensus estimate of $81.26 million. During the same period in the prior year, the company posted $0.36 EPS. The company’s revenue was up 21.7% compared to the same quarter last year. On average, analysts anticipate that BroadSoft Inc. will post $2.14 EPS for the current year.

A number of research analysts recently commented on BSFT shares. Dougherty & Co boosted their price objective on shares of BroadSoft from $47.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. William Blair reaffirmed an “outperform” rating on shares of BroadSoft in a research report on Tuesday, August 2nd. Jefferies Group boosted their price objective on shares of BroadSoft from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Tuesday, August 2nd. Raymond James Financial Inc. boosted their price objective on shares of BroadSoft from $45.00 to $51.00 and gave the company a “strong-buy” rating in a research report on Tuesday, August 2nd. Finally, Needham & Company LLC lowered their price objective on shares of BroadSoft from $48.00 to $47.00 and set a “buy” rating on the stock in a research report on Tuesday, November 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. BroadSoft has an average rating of “Buy” and a consensus price target of $45.29.

In other BroadSoft news, insider Dennis Dourgarian sold 2,802 shares of the company’s stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $45.65, for a total transaction of $127,911.30. Following the transaction, the insider now directly owns 32,635 shares in the company, valued at approximately $1,489,787.75. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Taher G. Behbehani sold 4,010 shares of the company’s stock in a transaction dated Friday, October 21st. The shares were sold at an average price of $45.16, for a total transaction of $181,091.60. Following the transaction, the insider now owns 56,137 shares in the company, valued at $2,535,146.92. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

About BroadSoft

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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