Redmond Asset Management Lowers stake in BroadSoft Inc (BSFT)

BroadSoft Inc (BSFT) : Redmond Asset Management reduced its stake in BroadSoft Inc by 0.51% during the most recent quarter end. The investment management company now holds a total of 98,739 shares of BroadSoft Inc which is valued at $4,156,912 after selling 511 shares in BroadSoft Inc , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.BroadSoft Inc makes up approximately 2.07% of Redmond Asset Management’s portfolio.

Other Hedge Funds, Including , Crestline Management Lp added BSFT to its portfolio by purchasing 31,989 company shares during the most recent quarter which is valued at $1,346,737. BroadSoft Inc makes up approx 0.16% of Crestline Management Lp’s portfolio.Advisor Group boosted its stake in BSFT in the latest quarter, The investment management firm added 75 additional shares and now holds a total of 666 shares of BroadSoft Inc which is valued at $26,540.Emerald Acquisition Ltd. reduced its stake in BSFT by selling 20,619 shares or 19.11% in the most recent quarter. The Hedge Fund company now holds 87,302 shares of BSFT which is valued at $3,478,985. BroadSoft Inc makes up approx 0.01% of Emerald Acquisition Ltd.’s portfolio. Tower Research Capital (trc) added BSFT to its portfolio by purchasing 871 company shares during the most recent quarter which is valued at $33,925.Neuberger Berman Group reduced its stake in BSFT by selling 1,000 shares or 4.0% in the most recent quarter. The Hedge Fund company now holds 24,000 shares of BSFT which is valued at $937,200.

BroadSoft Inc closed down -0.25 points or -0.60% at $41.35 with 2,62,875 shares getting traded on Monday. Post opening the session at $41.75, the shares hit an intraday low of $41.15 and an intraday high of $41.75 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, BroadSoft Inc reported $0.52 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Oct 31, 2016. Analyst had a consensus of $0.37. The company had revenue of $84.10 million for the quarter, compared to analysts expectations of $81.27 million. The company’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.

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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