Brightcove (BCOV) Reaches New 52-Week High and Low Following Analyst Upgrade

Brightcove (NASDAQ:BCOV) shares reached a new 52-week high and low during trading on Thursday after Dougherty & Co raised their price target on the stock from $11.00 to $14.00. Dougherty & Co currently has a buy rating on the stock. Brightcove traded as low as $10.60 and last traded at $10.50, with a volume of 18420 shares. The stock had previously closed at $10.25.

A number of other research analysts also recently commented on BCOV. Zacks Investment Research raised shares of Brightcove from a “hold” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Wednesday, March 7th. BidaskClub raised shares of Brightcove from a “hold” rating to a “buy” rating in a research report on Saturday, April 28th. TheStreet raised shares of Brightcove from a “d+” rating to a “c-” rating in a research report on Monday, May 7th. Finally, ValuEngine raised shares of Brightcove from a “sell” rating to a “hold” rating in a research report on Friday, April 27th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Brightcove has an average rating of “Buy” and a consensus price target of $9.45.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Segall Bryant & Hamill LLC purchased a new position in Brightcove during the 1st quarter valued at about $497,000. Engine Capital Management LLC purchased a new position in Brightcove during the 1st quarter valued at about $2,329,000. Hawk Ridge Capital Management LP increased its position in Brightcove by 19.3% during the 1st quarter. Hawk Ridge Capital Management LP now owns 1,724,197 shares of the software maker’s stock valued at $11,983,000 after purchasing an additional 279,036 shares during the period. GSA Capital Partners LLP purchased a new position in Brightcove during the 1st quarter valued at about $547,000. Finally, Citigroup Inc. increased its position in Brightcove by 927.5% during the 1st quarter. Citigroup Inc. now owns 35,008 shares of the software maker’s stock valued at $243,000 after purchasing an additional 31,601 shares during the period. 64.78% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $353.54 million, a P/E ratio of -21.77 and a beta of 1.72.

Brightcove (NASDAQ:BCOV) last released its quarterly earnings results on Thursday, April 26th. The software maker reported ($0.06) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.06). Brightcove had a negative net margin of 10.47% and a negative return on equity of 19.36%. The business had revenue of $41.20 million for the quarter, compared to analysts’ expectations of $40.19 million. During the same period last year, the business earned ($0.08) EPS. The company’s revenue was up 9.6% compared to the same quarter last year. analysts expect that Brightcove will post -0.23 EPS for the current year.

About Brightcove

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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