Brightcove Inc. (BCOV) Stock Price Up 1.3% After Analyst Upgrade
Brightcove Inc. (NASDAQ:BCOV) rose 1.3% during mid-day trading on Monday after Northland Securities upgraded the stock from a market perform rating to an outperform rating. The stock traded as high as $8.05 and last traded at $7.95. Approximately 239,685 shares traded hands during mid-day trading, an increase of 21% from the average daily volume of 198,677 shares. The stock had previously closed at $7.85.
Several other research firms have also issued reports on BCOV. B. Riley restated a “hold” rating and issued a $7.25 price target on shares of Brightcove in a research note on Friday, October 27th. Zacks Investment Research upgraded Brightcove from a “sell” rating to a “hold” rating in a research note on Thursday, September 28th. Finally, Stifel Nicolaus upped their price target on Brightcove from $10.50 to $11.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Brightcove presently has an average rating of “Hold” and an average target price of $8.42.
A number of hedge funds have recently bought and sold shares of the business. Frontier Capital Management Co. LLC boosted its stake in Brightcove by 2.5% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 2,468,556 shares of the software maker’s stock worth $15,305,000 after purchasing an additional 60,090 shares during the period. Vanguard Group Inc. boosted its stake in Brightcove by 7.8% in the 2nd quarter. Vanguard Group Inc. now owns 2,004,632 shares of the software maker’s stock worth $12,428,000 after purchasing an additional 145,395 shares during the period. Cramer Rosenthal Mcglynn LLC boosted its stake in Brightcove by 27.7% in the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,845,590 shares of the software maker’s stock worth $11,443,000 after purchasing an additional 400,029 shares during the period. Renaissance Technologies LLC boosted its stake in Brightcove by 7.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,593,500 shares of the software maker’s stock worth $14,182,000 after purchasing an additional 108,017 shares during the period. Finally, Cooper Creek Partners Management LLC boosted its stake in Brightcove by 60.8% in the 2nd quarter. Cooper Creek Partners Management LLC now owns 1,204,357 shares of the software maker’s stock worth $7,467,000 after purchasing an additional 455,504 shares during the period. Institutional investors and hedge funds own 61.70% of the company’s stock.
The firm’s market capitalization is $274.76 million. The firm has a 50-day moving average of $7.16 and a 200-day moving average of $6.86.
Brightcove (NASDAQ:BCOV) last posted its quarterly earnings data on Thursday, October 26th. The software maker reported ($0.06) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.04. The business had revenue of $39.50 million during the quarter, compared to analysts’ expectations of $37.99 million. Brightcove had a negative return on equity of 25.11% and a negative net margin of 14.58%. The business’s revenue was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 earnings per share. Analysts anticipate that Brightcove Inc. will post ($0.33) earnings per share for the current fiscal year.
Brightcove Company Profile
Brightcove Inc is a global provider of cloud-based services for video. The Company’s products and services include Brightcove Video Cloud (Video Cloud), Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite), Brightcove Lift (Lift), Brightcove OTT Flow (OTT Flow) and Brightcove Enterprise Video Suite (Enterprise Video Suite), among others.
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