Brightcove (NASDAQ:BCOV) Rating Increased to Buy at Lake Street Capital

Lake Street Capital upgraded shares of Brightcove (NASDAQ:BCOV) from a hold rating to a buy rating in a research report report published on Tuesday, MarketBeat.com reports. They currently have $3.50 target price on the software maker’s stock, up from their prior target price of $2.75.

Separately, StockNews.com upgraded shares of Brightcove from a “hold” rating to a “buy” rating in a report on Thursday, September 5th.

Brightcove Stock Performance

Shares of NASDAQ:BCOV opened at $2.55 on Tuesday. Brightcove has a 1-year low of $1.55 and a 1-year high of $2.88. The company has a 50 day moving average price of $2.17 and a 200 day moving average price of $2.16. The stock has a market capitalization of $114.55 million, a price-to-earnings ratio of -12.75 and a beta of 0.74.

Brightcove (NASDAQ:BCOV) last announced its earnings results on Wednesday, August 7th. The software maker reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01. Brightcove had a negative return on equity of 8.86% and a negative net margin of 4.28%. The company had revenue of $49.25 million for the quarter. During the same period last year, the firm earned ($0.07) earnings per share. On average, sell-side analysts expect that Brightcove will post -0.32 EPS for the current fiscal year.

Insider Transactions at Brightcove

In other Brightcove news, major shareholder Edenbrook Capital, Llc purchased 30,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $2.01 per share, with a total value of $60,300.00. Following the completion of the transaction, the insider now owns 6,561,414 shares of the company’s stock, valued at approximately $13,188,442.14. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired a total of 98,988 shares of company stock valued at $200,689 over the last quarter. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Brightcove

A number of hedge funds have recently modified their holdings of the stock. Pitcairn Co. acquired a new position in Brightcove in the 1st quarter worth about $27,000. Price T Rowe Associates Inc. MD bought a new position in Brightcove during the first quarter valued at approximately $29,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Brightcove in the first quarter valued at approximately $33,000. Aaron Wealth Advisors LLC bought a new stake in Brightcove in the second quarter worth approximately $34,000. Finally, XTX Topco Ltd acquired a new position in shares of Brightcove during the 2nd quarter worth $36,000. 80.12% of the stock is owned by institutional investors and hedge funds.

Brightcove Company Profile

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company’s solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.