Cortina Asset Management LLC lowered its position in BroadSoft, Inc. (NASDAQ:BSFT) by 18.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 536,960 shares of the software maker’s stock after selling 119,833 shares during the period. BroadSoft accounts for about 1.1% of Cortina Asset Management LLC’s holdings, making the stock its 21st biggest position. Cortina Asset Management LLC owned approximately 1.70% of BroadSoft worth $27,009,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Eqis Capital Management Inc. bought a new position in BroadSoft in the third quarter worth approximately $208,000. Pitcairn Co. bought a new position in BroadSoft in the second quarter worth approximately $222,000. US Bancorp DE boosted its holdings in BroadSoft by 9.6% in the second quarter. US Bancorp DE now owns 6,595 shares of the software maker’s stock worth $284,000 after acquiring an additional 579 shares in the last quarter. Wrapmanager Inc. bought a new position in BroadSoft in the second quarter worth approximately $300,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in BroadSoft in the third quarter worth approximately $387,000.
In related news, insider Scott D. Hoffpauir sold 4,448 shares of the stock in a transaction that occurred on Tuesday, October 17th. The stock was sold at an average price of $52.89, for a total transaction of $235,254.72. Following the completion of the sale, the insider now directly owns 94,656 shares of the company’s stock, valued at $5,006,355.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John D. Jr. Markley sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $48.00, for a total value of $144,000.00. Following the sale, the director now directly owns 22,839 shares of the company’s stock, valued at $1,096,272. The disclosure for this sale can be found here. Insiders have sold 34,136 shares of company stock valued at $1,693,639 over the last ninety days. 1.50% of the stock is currently owned by company insiders.
Several brokerages have issued reports on BSFT. Northland Securities reiterated a “hold” rating and issued a $42.00 price target on shares of BroadSoft in a report on Sunday. Needham & Company LLC increased their price objective on BroadSoft from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Wednesday, September 6th. Dougherty & Co downgraded BroadSoft from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 24th. William Blair reissued a “buy” rating on shares of BroadSoft in a research note on Wednesday, August 9th. Finally, Zacks Investment Research raised BroadSoft from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, October 25th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $50.40.
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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