Shares of Brightcove Inc. (NASDAQ:BCOV) saw an uptick in trading volume on Friday following a better than expected earnings announcement. 840,028 shares were traded during trading, an increase of 325% from the previous session’s volume of 197,738 shares.The stock last traded at $7.85 and had previously closed at $7.05.
The software maker reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Brightcove had a negative return on equity of 19.65% and a negative net margin of 12.22%. The firm had revenue of $39.50 million for the quarter, compared to the consensus estimate of $37.99 million. During the same period in the prior year, the firm earned $0.02 EPS. The firm’s revenue was up 2.9% on a year-over-year basis.
Several research firms recently issued reports on BCOV. B. Riley reissued a “neutral” rating and issued a $5.50 target price on shares of Brightcove in a research report on Tuesday, August 1st. Stifel Nicolaus upped their target price on Brightcove from $10.50 to $11.00 and gave the company a “buy” rating in a research report on Friday. Zacks Investment Research downgraded Brightcove from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, Northland Securities reissued a “hold” rating and issued a $7.00 target price on shares of Brightcove in a research report on Friday, September 1st. One 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 currently has a consensus rating of “Hold” and an average target price of $8.42.
Institutional investors and hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. grew its position in Brightcove by 1.8% during the 1st quarter. Prudential Financial Inc. now owns 121,060 shares of the software maker’s stock worth $1,077,000 after purchasing an additional 2,100 shares during the period. AQR Capital Management LLC grew its position in Brightcove by 1.7% during the 1st quarter. AQR Capital Management LLC now owns 421,836 shares of the software maker’s stock worth $3,754,000 after purchasing an additional 7,062 shares during the period. Nuveen Asset Management LLC grew its position in Brightcove by 162.8% during the 1st quarter. Nuveen Asset Management LLC now owns 752,554 shares of the software maker’s stock worth $6,698,000 after purchasing an additional 466,225 shares during the period. Russell Investments Group Ltd. grew its position in Brightcove by 7.9% during the 1st quarter. Russell Investments Group Ltd. now owns 15,600 shares of the software maker’s stock worth $139,000 after purchasing an additional 1,143 shares during the period. Finally, Vanguard Group Inc. grew its position in Brightcove by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 1,859,237 shares of the software maker’s stock worth $16,548,000 after purchasing an additional 149,626 shares during the period. 61.77% of the stock is currently owned by institutional investors.
The firm has a 50 day moving average of $7.07 and a 200 day moving average of $6.87. The company’s market cap is $269.61 million.
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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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