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Hedge Funds Are Not Overly Excited About BroadSoft Inc (BSFT)

The 700+ hedge funds and money managers tracked by Insider Monkey have compiled and submitted their 13F filings for the third quarter, which unveiled their equity positions as of September 30. We went through these filings and identified the changes in hedge fund positions. Our extensive review of these public filings is finally over, and this article is set to reveal the latest smart money sentiment towards BroadSoft Inc (NASDAQ:BSFT).

BroadSoft Inc (NASDAQ:BSFT) has experienced a decrease in activity from the world’s largest hedge funds of late. BroadSoft Inc was in 14 hedge funds’ portfolios at the end of September. There were 16 hedge funds in our database with BroadSoft Inc holdings at the end of the previous quarter. The level and the change in hedge fund popularity aren’t the only variables you need to analyze to decipher hedge funds’ perspectives. A stock may witness a boost in popularity but it may still be less popular than similarly priced stocks. That’s why at the end of this article we will examine companies such as Qiwi PLC (NASDAQ:QIWI), United Fire Group, Inc. (NASDAQ:UFCS), and CONN’S, Inc. (NASDAQ:CONN) to gather more data points.

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At the moment there are numerous formulas market participants put to use to evaluate publicly traded companies. Two of the most useful formulas are hedge fund and insider trading interest. Our experts have shown that, historically, those who follow the best picks of the best investment managers can outclass the broader indices by a solid margin (see the details here).

Keeping this in mind, let’s view the key action regarding BroadSoft Inc (NASDAQ:BSFT).

How are hedge funds trading BroadSoft Inc (NASDAQ:BSFT)?

At the end of the third quarter, a total of 14 of the hedge funds tracked by Insider Monkey were long this stock, a 13% slide from the second quarter. With the smart money’s sentiment swirling, there exists an “upper tier” of key hedge fund managers who were upping their stakes meaningfully (or had already accumulated large positions).

According to publicly available hedge fund and institutional investor holdings data compiled by Insider Monkey, Sagard Capital Partners Management Corp, managed by Dan Friedberg, holds the number one position in BroadSoft Inc (NASDAQ:BSFT). Sagard Capital Partners Management Corp has a $40.4 million position in the stock, comprising 14.1% of its 13F portfolio. On Sagard Capital Partners Management Corp’s heels is Lee Munder Capital Group, led by Lee Munder, holding a $23 million position; 0.5% of its 13F portfolio is allocated to the company. Some other professional money managers that hold long positions encompass Anand Parekh’s Alyeska Investment Group, Ken Griffin’s Citadel Investment Group, and Renaissance Technologies.

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