Essex Investment Management Co. LLC lowered its stake in shares of Brightcove Inc. (NASDAQ:BCOV) by 1.1% during the second quarter, Holdings Channel reports. The firm owned 103,370 shares of the company’s stock after selling 1,139 shares during the period. Essex Investment Management Co. LLC’s holdings in Brightcove were worth $910,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in BCOV. Bank of Montreal Can purchased a new position in shares of Brightcove during the second quarter valued at about $201,000. Strs Ohio increased its position in shares of Brightcove by 8.3% in the second quarter. Strs Ohio now owns 24,900 shares of the company’s stock valued at $219,000 after buying an additional 1,900 shares during the period. Acrospire Investment Management LLC purchased a new position in shares of Brightcove during the first quarter valued at about $261,000. Menta Capital LLC increased its position in shares of Brightcove by 59.9% in the first quarter. Menta Capital LLC now owns 66,584 shares of the company’s stock valued at $415,000 after buying an additional 24,942 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Brightcove by 70.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 75,093 shares of the company’s stock valued at $469,000 after buying an additional 30,994 shares during the period. 56.33% of the stock is owned by institutional investors.
Brightcove Inc. (NASDAQ:BCOV) traded up 2.33% during midday trading on Tuesday, reaching $13.60. 499,809 shares of the company traded hands. The company’s market cap is $449.72 million. The company has a 50-day moving average price of $12.58 and a 200-day moving average price of $8.96. Brightcove Inc. has a 12-month low of $4.70 and a 12-month high of $13.62.
Brightcove (NASDAQ:BCOV) last issued its earnings results on Thursday, July 28th. The company reported ($0.01) EPS for the quarter, meeting analysts’ consensus estimates of ($0.01). The business earned $36.96 million during the quarter, compared to analyst estimates of $36.07 million. Brightcove had a negative return on equity of 3.54% and a negative net margin of 3.59%. Brightcove’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) earnings per share. On average, analysts predict that Brightcove Inc. will post $0.08 earnings per share for the current fiscal year.
Several equities analysts have recently issued reports on BCOV shares. B. Riley reissued a “buy” rating and set a $11.00 price target on shares of Brightcove in a report on Wednesday, August 3rd. Dougherty & Co boosted their price target on shares of Brightcove from $10.50 to $13.00 and gave the company a “buy” rating in a report on Friday, July 29th. Zacks Investment Research raised shares of Brightcove from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a report on Tuesday, June 28th. Finally, Noble Financial began coverage on shares of Brightcove in a report on Friday, June 24th. They set a “buy” rating for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $12.50.
In related news, Director Scott Kurnit sold 29,700 shares of the company’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $12.36, for a total value of $367,092.00. Following the completion of the transaction, the director now directly owns 92,194 shares in the company, valued at $1,139,517.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin R. Rhodes sold 15,092 shares of the company’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $11.88, for a total value of $179,292.96. Following the completion of the transaction, the insider now owns 103,436 shares of the company’s stock, valued at $1,228,819.68. The disclosure for this sale can be found here. 12.70% of the stock is owned by corporate insiders.
Brightcove Company Profile
Brightcove Inc is a provider of cloud-based services for video. The Company’s flagship product is Brightcove Video Cloud (Video Cloud), an online video platform. Its other products include Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Gallery (Gallery), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite) and Brightcove Lift (Lift).
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