Bank of New York Mellon Corp lowered its position in Brightcove Inc. (NASDAQ:BCOV) by 1.3% during the second quarter, Holdings Channel reports. The institutional investor owned 160,023 shares of the company’s stock after selling 2,178 shares during the period. Bank of New York Mellon Corp owned about 0.49% of Brightcove worth $1,408,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Brightcove during the second quarter worth about $5,324,000. Spark Investment Management LLC increased its stake in Brightcove by 120.0% in the first quarter. Spark Investment Management LLC now owns 192,500 shares of the company’s stock valued at $1,201,000 after buying an additional 105,000 shares during the period. Bogle Investment Management L P DE bought a new stake in Brightcove during the first quarter valued at $574,000. Hood River Capital Management LLC bought a new stake in Brightcove during the second quarter valued at $781,000. Finally, State Street Corp increased its stake in Brightcove by 9.3% in the first quarter. State Street Corp now owns 462,402 shares of the company’s stock valued at $2,885,000 after buying an additional 39,324 shares during the period. Institutional investors and hedge funds own 56.33% of the company’s stock.
Shares of Brightcove Inc. (NASDAQ:BCOV) traded down 3.88% during midday trading on Tuesday, reaching $12.65. 65,003 shares of the company were exchanged. The company’s market capitalization is $418.31 million. The stock’s 50-day moving average price is $12.71 and its 200-day moving average price is $9.16. Brightcove Inc. has a 52-week low of $4.70 and a 52-week high of $13.80.
Brightcove (NASDAQ:BCOV) last released its quarterly earnings data on Thursday, July 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.01). Brightcove had a negative net margin of 3.59% and a negative return on equity of 3.54%. The company earned $36.96 million during the quarter, compared to analyst estimates of $36.07 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. Analysts anticipate that Brightcove Inc. will post $0.08 EPS for the current year.
Several equities analysts have commented on the stock. Dougherty & Co raised their price target on shares of Brightcove from $13.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, September 6th. B. Riley reaffirmed a “buy” rating and set a $15.50 price objective on shares of Brightcove in a research report on Tuesday, September 27th. Zacks Investment Research cut shares of Brightcove from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Finally, Noble Financial began coverage on shares of Brightcove in a research report on Friday, June 24th. They set a “buy” rating for the company. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $12.50.
In other news, VP Christopher Stagno sold 5,000 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $12.97, for a total value of $64,850.00. Following the completion of the sale, the vice president now owns 22,603 shares of the company’s stock, valued at $293,160.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Chet Kapoor sold 297,400 shares of the stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $13.00, for a total transaction of $3,866,200.00. The disclosure for this sale can be found here. 12.70% of the stock is currently owned by 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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