Brightcove (BCOV) Updates Q4 Earnings Guidance

Brightcove (NASDAQ:BCOV) updated its fourth quarter earnings guidance on Thursday. The company provided earnings per share guidance of ($0.04)-($0.03) for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.03. The company issued revenue guidance of $41.0-41.5 million, compared to the consensus revenue estimate of $42.84 million.Brightcove also updated its FY18 guidance to ($0.13)-($0.12) EPS.

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

Shares of Brightcove stock traded down $0.64 on Friday, reaching $7.55. The company had a trading volume of 566,170 shares, compared to its average volume of 119,842. Brightcove has a 1 year low of $6.30 and a 1 year high of $10.75.

Brightcove (NASDAQ:BCOV) last announced its earnings results on Thursday, November 1st. The software maker reported ($0.03) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. The firm had revenue of $41.10 million during 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 company’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.06) EPS. As a group, research analysts forecast that Brightcove will post -0.31 earnings per share for the current year.

In related news, CEO Jeff Ray bought 20,000 shares of the company’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 legal filing with the SEC, which is accessible through the SEC website. 4.90% of the stock is currently owned by insiders.

An institutional investor recently raised its position in Brightcove stock. Bank of New York Mellon Corp boosted its holdings in shares of Brightcove Inc (NASDAQ:BCOV) by 13.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,640 shares of the software maker’s stock after acquiring an additional 22,631 shares during the quarter. Bank of New York Mellon Corp owned 0.52% of Brightcove worth $1,810,000 as of its most recent SEC filing. Institutional investors 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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