Brightcove (NASDAQ:BCOV) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Brightcove (NASDAQ:BCOVGet Rating) issued its quarterly earnings results on Wednesday. The software maker reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.06, MarketWatch Earnings reports. Brightcove had a net margin of 2.56% and a return on equity of 7.40%. During the same quarter in the previous year, the company earned $0.10 EPS. Brightcove updated its Q2 guidance to $0.04-0.06 EPS and its FY22 guidance to $0.20-0.29 EPS.

BCOV stock opened at $7.17 on Friday. The stock has a market capitalization of $297.76 million, a PE ratio of 55.31 and a beta of 0.77. The company’s 50-day moving average is $7.42 and its 200-day moving average is $9.10. Brightcove has a 1 year low of $6.52 and a 1 year high of $16.87.

In other Brightcove news, major shareholder Edenbrook Capital, Llc bought 4,900 shares of the stock in a transaction that occurred on Wednesday, April 27th. The shares were bought at an average price of $6.62 per share, for a total transaction of $32,438.00. Following the acquisition, the insider now directly owns 4,732,619 shares of the company’s stock, valued at approximately $31,329,937.78. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas E. Wheeler bought 6,200 shares of the stock in a transaction that occurred on Thursday, February 17th. The stock was acquired at an average price of $7.90 per share, for a total transaction of $48,980.00. The disclosure for this purchase can be found here. Insiders have bought a total of 18,100 shares of company stock worth $130,768 in the last three months. Insiders own 3.70% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of BCOV. Morgan Stanley raised its holdings in shares of Brightcove by 36.8% in the 2nd quarter. Morgan Stanley now owns 225,597 shares of the software maker’s stock worth $3,237,000 after acquiring an additional 60,739 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Brightcove by 13.4% in the 3rd quarter. Invesco Ltd. now owns 48,038 shares of the software maker’s stock worth $555,000 after acquiring an additional 5,680 shares during the last quarter. Royal Bank of Canada increased its stake in Brightcove by 56.0% in the 3rd quarter. Royal Bank of Canada now owns 4,296 shares of the software maker’s stock valued at $49,000 after buying an additional 1,543 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in Brightcove by 428.4% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 7,720 shares of the software maker’s stock valued at $89,000 after buying an additional 6,259 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Brightcove by 7.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 144,547 shares of the software maker’s stock valued at $1,668,000 after buying an additional 9,633 shares during the last quarter. Institutional investors own 83.33% of the company’s stock.

A number of analysts have commented on the stock. StockNews.com cut shares of Brightcove from a “buy” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research raised shares of Brightcove from a “sell” rating to a “hold” rating in a research report on Tuesday, March 1st. Finally, Lake Street Capital reaffirmed a “hold” rating and set a $9.00 price target (down previously from $14.00) on shares of Brightcove in a research report on Thursday, February 17th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.50.

Brightcove Company Profile (Get Rating)

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 multiple monetization models; Brightcove Player, a video player technology with a cloud-based service for creating and managing experiences; and Zencoder, a cloud-based video encoding technology.

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Earnings History for Brightcove (NASDAQ:BCOV)

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