Raymond James & Associates lowered its stake in shares of Brightcove Inc (NASDAQ:BCOV) by 6.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,300 shares of the software maker’s stock after selling 1,300 shares during the period. Raymond James & Associates owned 0.05% of Brightcove worth $129,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of BCOV. Dimensional Fund Advisors LP grew its stake in Brightcove by 731.8% during the third quarter. Dimensional Fund Advisors LP now owns 103,721 shares of the software maker’s stock worth $871,000 after purchasing an additional 91,251 shares during the period. Allianz Asset Management GmbH grew its stake in Brightcove by 10.6% in the third quarter. Allianz Asset Management GmbH now owns 369,153 shares of the software maker’s stock valued at $3,101,000 after acquiring an additional 35,433 shares during the period. MetLife Investment Advisors LLC grew its stake in Brightcove by 55.2% in the third quarter. MetLife Investment Advisors LLC now owns 26,669 shares of the software maker’s stock valued at $224,000 after acquiring an additional 9,480 shares during the period. AQR Capital Management LLC grew its stake in Brightcove by 74.8% in the third quarter. AQR Capital Management LLC now owns 487,825 shares of the software maker’s stock valued at $4,098,000 after acquiring an additional 208,760 shares during the period. Finally, Vanguard Group Inc. grew its stake in Brightcove by 17.5% in the third quarter. Vanguard Group Inc. now owns 1,926,082 shares of the software maker’s stock valued at $16,179,000 after acquiring an additional 286,537 shares during the period. 77.33% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Jeff Ray bought 5,000 shares of the company’s stock in a transaction dated Monday, February 25th. The shares were bought at an average price of $8.45 per share, for a total transaction of $42,250.00. Following the completion of the acquisition, the chief executive officer now directly owns 25,000 shares of the company’s stock, valued at $211,250. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.90% of the stock is owned by company insiders.
Brightcove (NASDAQ:BCOV) last posted its earnings results on Wednesday, April 24th. The software maker reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.02. Brightcove had a negative return on equity of 13.98% and a negative net margin of 10.13%. The company had revenue of $41.80 million for the quarter, compared to analyst estimates of $40.22 million. During the same quarter last year, the company earned ($0.06) earnings per share. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. On average, research analysts expect that Brightcove Inc will post -0.13 EPS for the current year.
BCOV has been the subject of a number of research reports. Zacks Investment Research raised Brightcove from a “hold” rating to a “buy” rating and set a $9.75 price objective for the company in a research note on Wednesday, February 13th. BidaskClub raised Brightcove from a “hold” rating to a “buy” rating in a research note on Friday, February 8th. Finally, Northland Securities reissued a “buy” rating on shares of Brightcove in a research note on Monday, April 15th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $12.60.
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Brightcove Inc provides cloud-based services for video. It offers Video Cloud, an online video platform that enables its customers to publish and distribute video to Internet-connected devices. The company also provides Zencoder, a cloud-based video encoding service for file support, quality and control, speed and reliability, platform and security, and account and integration; SSAI, a cloud-based ad insertion and video stitching service; and Player, a cloud-based service for creating and managing video player experiences.
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