Market Overview

4 Stocks Moving On Cisco's BroadSoft Acquisition

4 Stocks Moving On Cisco's BroadSoft Acquisition

Cisco Systems, Inc. (NASDAQ: CSCO)'s $1.71 billion acquisition of BroadSoft Inc (NASDAQ: BSFT)'s helped boost the stock to a new 52-week high of $34.63 Monday.

Cisco has agreed to buy BroadSoft, a maker of technologies that enables telecommunications service providers to deliver cloud-based Unified Communications to enterprise customers, for $1.71 billion, Reuters reported. The acquired company will fit in with Cisco's collaboration tools and better diversify the legacy switching and routing company.

Cisco's acquisition announcement also contributed to notable moves in other related companies.

Shares of RingCentral Inc (NYSE: RNG) were trading lower by more than 1.50 percent Monday, likely due to competitive concerns. RingCentral is a direct competitor to Broadsoft and will now be competing with a much bigger entity Broadsoft will be absorbed into Cisco's unified communications technology group.

Shares of LogMeIn Inc (NASDAQ: LOGM) were trading higher by more than 1 percent as investors were likely thinking that the company could be ripe for an M&A deal to combat Cisco. It is also possible as well that the valuation that Cisco paid for Broadsoft implies that LogMeIn's stock is trading at a discount to where it should be.

The same logic can be applied to Mitel Networks Corp (NASDAQ: MITL) and Pareteum Corp (NYSE: TEUM) as shares were trading higher by 1.60 percent and 3.70 percent, respectively.

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Latest Ratings for CSCO

Nov 2020Credit SuisseMaintainsNeutral
Oct 2020Credit SuisseMaintainsNeutral
Oct 2020CitigroupDowngradesBuyNeutral

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