First Mercantile Trust Co. Lowers Stake in Brightcove Inc. (BCOV)
First Mercantile Trust Co. reduced its stake in Brightcove Inc. (NASDAQ:BCOV) by 5.1% during the second quarter, Holdings Channel reports. The institutional investor owned 37,712 shares of the company’s stock after selling 2,017 shares during the period. First Mercantile Trust Co. owned about 0.11% of Brightcove worth $332,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. GSA Capital Partners LLP raised its stake in shares of Brightcove by 338.4% in the second quarter. GSA Capital Partners LLP now owns 113,368 shares of the company’s stock valued at $998,000 after buying an additional 87,507 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Brightcove by 120.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 41,984 shares of the company’s stock valued at $369,000 after buying an additional 22,978 shares in the last quarter. EAM Investors LLC purchased a new stake in shares of Brightcove during the second quarter valued at about $2,620,000. Emerald Acquisition Ltd. purchased a new stake in shares of Brightcove during the second quarter valued at about $878,000. Finally, Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Brightcove during the second quarter valued at about $5,324,000. 56.33% of the stock is owned by institutional investors and hedge funds.
Brightcove Inc. (NASDAQ:BCOV) opened at 12.89 on Friday. The company’s 50 day moving average price is $12.47 and its 200-day moving average price is $8.75. The company’s market cap is $426.25 million. Brightcove Inc. has a one year low of $4.70 and a one year high of $13.60.
Brightcove (NASDAQ:BCOV) last announced its earnings results on Thursday, July 28th. The company reported ($0.01) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.01). Brightcove had a negative return on equity of 3.54% and a negative net margin of 3.59%. The company had revenue of $36.96 million for the quarter, compared to analyst estimates of $36.07 million. During the same period in the prior year, the company posted ($0.04) EPS. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. On average, analysts forecast that Brightcove Inc. will post $0.08 EPS for the current fiscal year.
Several analysts have issued reports on the company. B. Riley reaffirmed a “buy” rating and issued a $15.50 target price on shares of Brightcove in a research note on Tuesday. Dougherty & Co increased their price objective on Brightcove from $13.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, September 6th. Zacks Investment Research raised Brightcove from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Wednesday, August 10th. Finally, Noble Financial started coverage on Brightcove in a research note on Friday, June 24th. They set a “buy” rating for the company. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $12.50.
In related news, Director Scott Kurnit sold 100,000 shares of the company’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $12.02, for a total transaction of $1,202,000.00. Following the transaction, the director now directly owns 182,409 shares of the company’s stock, valued at approximately $2,192,556.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Kevin R. Rhodes sold 15,092 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $11.88, for a total value of $179,292.96. Following the transaction, the insider now directly owns 103,436 shares in the company, valued at $1,228,819.68. The disclosure for this sale can be found here. Corporate 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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