Brightcove (BCOV) Raised to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Brightcove (NASDAQ:BCOV) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $8.25 price objective on the software maker’s stock.

According to Zacks, “Brightcove Inc. is engaged in providing cloud content services for publishing and distributing professional digital media. Its products include Brightcove Video Cloud, an online video platform and Brightcove App Cloud, a software application development and management platform. The Company provides its solutions to media, retail, technology, financial services companies, governments, educational institutions, and non-profit organizations in North America, Europe, and the Asia Pacific. Brightcove Inc. is headquartered in Cambridge, Massachusetts. “

Other equities research analysts also recently issued research reports about the company. ValuEngine upgraded Brightcove from a hold rating to a buy rating in a research report on Friday, September 28th. BidaskClub upgraded Brightcove from a hold rating to a buy rating in a research report on Thursday, December 13th. Finally, B. Riley upgraded Brightcove from a neutral rating to a buy rating and increased their target price for the stock from $7.00 to $12.00 in a research report on Tuesday, December 11th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Brightcove presently has a consensus rating of Buy and a consensus price target of $12.05.

Shares of NASDAQ:BCOV traded down $0.03 during trading on Wednesday, hitting $7.37. 61,625 shares of the company were exchanged, compared to its average volume of 103,050. The company has a market cap of $267.95 million, a P/E ratio of -15.35 and a beta of 1.00. Brightcove has a 52-week low of $6.30 and a 52-week high of $10.75.

Brightcove (NASDAQ:BCOV) last posted its earnings results on Thursday, November 1st. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.02. The firm had revenue of $41.10 million for the quarter, compared to the consensus estimate of $41.82 million. Brightcove had a negative return on equity of 12.75% and a negative net margin of 7.79%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) earnings per share. Equities analysts forecast that Brightcove will post -0.32 earnings per share for the current year.

In related news, Director Deborah M. Besemer sold 14,000 shares of the stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $7.42, for a total value of $103,880.00. Following the sale, the director now owns 100,696 shares in the company, valued at $747,164.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.90% of the company’s stock.

Several hedge funds have recently modified their holdings of BCOV. Trigran Investments Inc. raised its position in shares of Brightcove by 120.7% in the third quarter. Trigran Investments Inc. now owns 1,750,642 shares of the software maker’s stock worth $14,705,000 after buying an additional 957,305 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Brightcove by 45.1% in the second quarter. Renaissance Technologies LLC now owns 2,324,400 shares of the software maker’s stock worth $22,430,000 after buying an additional 722,587 shares in the last quarter. Millennium Management LLC raised its position in shares of Brightcove by 118.7% in the second quarter. Millennium Management LLC now owns 667,752 shares of the software maker’s stock worth $6,444,000 after buying an additional 362,369 shares in the last quarter. BlackRock Inc. raised its position in shares of Brightcove by 13.6% in the second quarter. BlackRock Inc. now owns 2,401,585 shares of the software maker’s stock worth $23,174,000 after buying an additional 287,246 shares in the last quarter. Finally, Vanguard Group Inc raised its position in shares of Brightcove by 17.5% in the third quarter. Vanguard Group Inc now owns 1,926,082 shares of the software maker’s stock worth $16,179,000 after buying an additional 286,537 shares in the last quarter. Institutional investors own 78.93% 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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