Brightcove (NASDAQ:BCOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday, Zacks.com reports. The brokerage currently has a $16.00 price target on the software maker’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.44% from the company’s previous close.
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 analysts also recently issued research reports about the stock. Northland Securities reiterated a “buy” rating on shares of Brightcove in a report on Thursday, March 11th. B. Riley reiterated a “buy” rating and issued a $22.00 target price on shares of Brightcove in a report on Friday, January 29th. Finally, Lake Street Capital increased their target price on shares of Brightcove from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, February 18th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $20.20.
Brightcove (NASDAQ:BCOV) last released its quarterly earnings data on Tuesday, April 27th. The software maker reported $0.15 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.05. Brightcove had a negative net margin of 7.61% and a negative return on equity of 0.21%. The firm had revenue of $54.80 million for the quarter, compared to the consensus estimate of $53.46 million. During the same quarter in the prior year, the company posted $0.04 earnings per share. The business’s revenue was up 17.6% on a year-over-year basis. As a group, equities analysts forecast that Brightcove will post 0.07 earnings per share for the current fiscal year.
In related news, insider David Plotkin sold 27,027 shares of the stock in a transaction dated Friday, March 26th. The shares were sold at an average price of $20.67, for a total transaction of $558,648.09. Following the completion of the transaction, the insider now owns 134,834 shares in the company, valued at $2,787,018.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Tsedal Neeley purchased 2,000 shares of Brightcove stock in a transaction that occurred on Friday, March 12th. The shares were bought at an average price of $22.11 per share, with a total value of $44,220.00. 2.30% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. bought a new position in Brightcove during the fourth quarter worth about $2,385,000. King Luther Capital Management Corp boosted its position in Brightcove by 10.0% during the fourth quarter. King Luther Capital Management Corp now owns 203,768 shares of the software maker’s stock worth $3,749,000 after purchasing an additional 18,500 shares during the period. Advisory Research Inc. bought a new position in Brightcove during the fourth quarter worth about $313,000. Aperio Group LLC boosted its position in Brightcove by 22.6% during the fourth quarter. Aperio Group LLC now owns 15,851 shares of the software maker’s stock worth $292,000 after purchasing an additional 2,927 shares during the period. Finally, Virtu Financial LLC bought a new position in Brightcove during the fourth quarter worth about $392,000. Hedge funds and other institutional investors own 84.46% of the company’s stock.
Brightcove Inc provides cloud-based services for video. Its flagship product includes Video Cloud, an online video platform that enables its customers to publish and distribute video to Internet-connected devices. The company also offers Brightcove Live, a solution for live streaming; Brightcove Beacon, an application that enables companies to launch over-the-top video experiences on mobile, web, and smart and connected TVs; Brightcove Player, a video player technology with a cloud-based service for creating and managing video player experiences; and Zencoder, a cloud-based video encoding service.
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