Cortina Asset Management Lowers stake in BroadSoft Inc (BSFT)

BroadSoft Inc (BSFT) : Cortina Asset Management reduced its stake in BroadSoft Inc by 9.01% during the most recent quarter end. The investment management company now holds a total of 586,915 shares of BroadSoft Inc which is valued at $24,938,018 after selling 58,108 shares in BroadSoft Inc , the firm said in a disclosure report filed with the SEC on Aug 11, 2016.BroadSoft Inc makes up approximately 1.06% of Cortina Asset Management’s portfolio.

Other Hedge Funds, Including , Tower Research Capital (trc) added BSFT to its portfolio by purchasing 871 company shares during the most recent quarter which is valued at $37,009. First Trust Advisors Lp added BSFT to its portfolio by purchasing 41,420 company shares during the most recent quarter which is valued at $1,769,048. BroadSoft Inc makes up approx 0.01% of First Trust Advisors Lp’s portfolio.Eam Investors reduced its stake in BSFT by selling 31,830 shares or 26.91% in the most recent quarter. The Hedge Fund company now holds 86,463 shares of BSFT which is valued at $3,692,835. BroadSoft Inc makes up approx 0.52% of Eam Investors’s portfolio.Ngam Advisors reduced its stake in BSFT by selling 28,649 shares or 31.08% in the most recent quarter. The Hedge Fund company now holds 63,521 shares of BSFT which is valued at $2,621,512. BroadSoft Inc makes up approx 0.04% of Ngam Advisors’s portfolio.

BroadSoft Inc opened for trading at $43.77 and hit $44.595 on the upside on Tuesday, eventually ending the session at $44.19, with a gain of 1.12% or 0.49 points. The heightened volatility saw the trading volume jump to 2,80,284 shares. Company has a market cap of $1,317 M.

On the company’s financial health, BroadSoft Inc reported $0.49 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.36. The company had revenue of $81.70 million for the quarter, compared to analysts expectations of $78.75 million. The company’s revenue was up 26.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS.

Many Wall Street Analysts have commented on BroadSoft Inc. Company shares were Reiterated by Dougherty & Company on Aug 2, 2016 to “Buy”, Firm has raised the Price Target to $ 50 from a previous price target of $47 .Company shares were Reiterated by Jefferies on Aug 2, 2016 to “Buy”, Firm has raised the Price Target to $ 52 from a previous price target of $48 .

BroadSoft Inc. is a provider of software and services that enable mobile fixed-line and cable service providers to deliver hosted cloud-based unified communications (UC) over their internet protocol (IP)- -based networks. The Company offers service providers two deployment options software and software-as-a-service (SaaS). Hosted UC enables the delivery of PBX features without the need for premise-based equipment. BroadWorks is the Company’s application server software offering. The Company’s second deployment option is BroadCloud SaaS offering. UC-One is a communications and collaboration offering that enables mobile fixed-line cable and converged service providers to offer businesses and other enterprises UC features and functionalities on a hosted basis. The key elements of the Company’s technology include SIP Call control Geographic redundancy Common OAMP platform Media resource framework Client technology IMS and VoLTE and Network Function Virtualization.

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