Brightcove (BCOV) Updates FY18 Earnings Guidance

Brightcove (NASDAQ:BCOV) issued an update on its FY18 earnings guidance on Thursday morning. The company provided earnings per share guidance of ($0.13)-($0.12) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.09). The company issued revenue guidance of $165.0-165.5 million, compared to the consensus revenue estimate of $167.51 million.Brightcove also updated its Q4 guidance to ($0.04)-($0.03) EPS.

NASDAQ BCOV traded down $0.64 during midday trading on Friday, hitting $7.55. 566,170 shares of the company traded hands, compared to its average volume of 119,842. Brightcove has a 52 week low of $6.30 and a 52 week high of $10.75.

Brightcove (NASDAQ:BCOV) last announced its earnings results on Thursday, November 1st. The software maker reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.02. The business had revenue of $41.10 million for the quarter, compared to analysts’ expectations of $41.82 million. Brightcove had a negative return on equity of 12.78% and a negative net margin of 7.79%. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) EPS. As a group, equities research analysts expect that Brightcove will post -0.31 EPS for the current year.

Several analysts have issued reports on BCOV shares. ValuEngine cut Brightcove from a strong-buy rating to a buy rating in a research report on Tuesday, July 10th. BidaskClub cut Brightcove from a hold rating to a sell rating in a research report on Thursday, July 12th. Finally, Zacks Investment Research cut Brightcove from a hold rating to a sell rating in a research report on Tuesday, July 31st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. Brightcove has an average rating of Hold and an average price target of $12.00.

In other Brightcove news, CEO Jeff Ray acquired 20,000 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The stock was purchased at an average price of $8.09 per share, for a total transaction of $161,800.00. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.90% of the company’s stock.

An institutional investor recently raised its position in Brightcove stock. Bank of New York Mellon Corp grew its holdings in shares of Brightcove Inc (NASDAQ:BCOV) by 13.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 187,640 shares of the software maker’s stock after purchasing an additional 22,631 shares during the period. Bank of New York Mellon Corp owned approximately 0.52% of Brightcove worth $1,810,000 at the end of the most recent quarter. Institutional investors and hedge funds own 75.03% of the company’s stock.

Brightcove Company Profile

Brightcove Inc provides cloud-based services for video. The company offers Video Cloud, an online video platform that enables its customers to publish and distribute video to Internet-connected devices. Its Video Cloud platform offers various features and functionalities, such as uploading and encoding, content management, video player technology, multi-platform video experiences, live video streaming, distribution and syndication, social media, advertising and monetization, and analytics, as well as APIs, SDKs, and developer resources.

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