Pacific Grove Capital LP Invests $3.09 Million in BroadSoft Inc (BSFT)

Pacific Grove Capital LP purchased a new stake in BroadSoft Inc (NASDAQ:BSFT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 61,406 shares of the software maker’s stock, valued at approximately $3,089,000. Pacific Grove Capital LP owned about 0.19% of BroadSoft as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Cipher Capital LP acquired a new position in BroadSoft during the 2nd quarter worth about $1,856,000. Renaissance Group LLC raised its position 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 in the last quarter. Kennedy Capital Management Inc. acquired a new stake in BroadSoft in the 2nd quarter valued at about $10,371,000. Legion Partners Asset Management LLC acquired a new stake in BroadSoft in the 2nd quarter valued at about $15,041,000. Finally, Vanguard Group Inc. raised its position in BroadSoft by 3.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,533,349 shares of the software maker’s stock valued at $109,060,000 after purchasing an additional 92,265 shares in the last quarter.

BroadSoft Inc (NASDAQ:BSFT) traded down $0.20 during mid-day trading on Tuesday, reaching $54.70. The company’s stock had a trading volume of 980,657 shares, compared to its average volume of 934,650. The stock has a market capitalization of $1,744.50, a P/E ratio of -151.94, a PEG ratio of 4.57 and a beta of 0.93. BroadSoft Inc has a 1 year low of $33.85 and a 1 year high of $55.05. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.64 and a current ratio of 2.64.

In other BroadSoft news, insider Scott D. Hoffpauir sold 4,448 shares of the business’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $54.57, for a total transaction of $242,727.36. Following the transaction, the insider now owns 90,208 shares in the company, valued at $4,922,650.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have sold 13,344 shares of company stock worth $721,110. 1.50% of the stock is currently owned by insiders.

A number of research firms have recently commented on BSFT. BidaskClub downgraded BroadSoft from a “hold” rating to a “sell” rating in a report on Wednesday, December 20th. Zacks Investment Research downgraded BroadSoft from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Jefferies Group restated a “buy” rating and set a $55.00 price target on shares of BroadSoft in a research note on Thursday, September 28th. Dougherty & Co downgraded BroadSoft from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 24th. Finally, Needham & Company LLC lifted their target price on BroadSoft from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $50.40.

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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.

Institutional Ownership by Quarter for BroadSoft (NASDAQ:BSFT)

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