State Board of Administration of Florida Retirement System boosted its stake in shares of Brightcove Inc. (NASDAQ:BCOV) by 120.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,984 shares of the company’s stock after buying an additional 22,978 shares during the period. State Board of Administration of Florida Retirement System owned about 0.13% of Brightcove worth $369,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of BCOV. Gilder Gagnon Howe & Co. LLC bought a new position in shares of Brightcove during the second quarter valued at about $5,324,000. EAM Investors LLC bought a new position in shares of Brightcove during the second quarter valued at about $2,620,000. Spark Investment Management LLC boosted its position in shares of Brightcove by 120.0% in the first quarter. Spark Investment Management LLC now owns 192,500 shares of the company’s stock valued at $1,201,000 after buying an additional 105,000 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of Brightcove during the second quarter valued at about $878,000. Finally, Bogle Investment Management L P DE bought a new position in shares of Brightcove during the first quarter valued at about $574,000. 56.33% of the stock is owned by institutional investors and hedge funds.
Brightcove Inc. (NASDAQ:BCOV) traded down 3.7226% during midday trading on Tuesday, hitting $12.6701. The company had a trading volume of 43,135 shares. The stock’s market cap is $418.97 million. The company’s 50 day moving average is $12.71 and its 200 day moving average is $9.16. Brightcove Inc. has a 12-month low of $4.70 and a 12-month high of $13.80.
Brightcove (NASDAQ:BCOV) last issued its quarterly earnings results on Thursday, July 28th. The company reported ($0.01) EPS for the quarter, hitting the consensus estimate of ($0.01). Brightcove had a negative net margin of 3.59% and a negative return on equity of 3.54%. The business had revenue of $36.96 million for the quarter, compared to analysts’ expectations of $36.07 million. During the same quarter last year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, equities analysts anticipate that Brightcove Inc. will post $0.08 EPS for the current fiscal year.
Several brokerages recently issued reports on BCOV. B. Riley restated a “buy” rating and issued a $11.00 price target on shares of Brightcove in a research report on Friday, July 29th. Zacks Investment Research upgraded Brightcove from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research report on Tuesday, June 28th. Noble Financial began coverage on Brightcove in a research report on Friday, June 24th. They issued a “buy” rating on the stock. Finally, Dougherty & Co boosted their price target on Brightcove from $10.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, July 29th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $12.50.
In other news, Director Scott Kurnit sold 100,000 shares of the stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $12.02, for a total transaction of $1,202,000.00. Following the transaction, the director now owns 182,409 shares of the company’s stock, valued at $2,192,556.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kevin R. Rhodes sold 15,092 shares of the stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $11.88, for a total transaction of $179,292.96. Following the transaction, the insider now directly owns 103,436 shares in the company, valued at approximately $1,228,819.68. The disclosure for this sale can be found here. Insiders own 12.70% of the company’s stock.
Brightcove Company Profile
Brightcove Inc is a provider of cloud-based services for video. The Company’s flagship product is Brightcove Video Cloud (Video Cloud), an online video platform. Its other products include Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Gallery (Gallery), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite) and Brightcove Lift (Lift).
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