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Watch for Continued Gains in Shares of BroadSoft (BSFT)

By James Quinn

BroadSoft (NASDAQ:BSFT) traded today at a new 52-week high of $42.78. Approximately 93,000 shares have changed hands today, as compared to an average 30-day volume of 426,000 shares.

BroadSoft (NASDAQ:BSFT) defies analysts with a current price ($42.68) 2.3% above its average consensus price target of $41.71. The stock should find initial support at its 50-day moving average (MA) of $38.52 and further support at its 200-day MA of $34.73.

BroadSoft Inc. is a global provider of software that enables fixed-line, mobile and cable service providers to deliver voice and multimedia services over their Internet protocol-based, or IP-based, networks. The Company's software enables customers to provide enterprises and consumers with a range of cloud-based, or hosted, IP multimedia communications.

Over the past year, BroadSoft has traded in a range of $26.99 to $42.78 and is now at $42.68, 58% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.9%.

SmarTrend recommended that subscribers consider buying shares of BroadSoft on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.64. Since that recommendation, shares of BroadSoft have risen 33.0%. We continue to monitor BSFT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows broadsoft

Ticker(s): BSFT