Insider Buying: Brightcove Inc. (NASDAQ:BCOV) Major Shareholder Buys 4,900 Shares of Stock

Brightcove Inc. (NASDAQ:BCOV – Get Rating) major shareholder Edenbrook Capital, Llc purchased 4,900 shares of the stock in a transaction dated Wednesday, April 27th. The shares were purchased at an average price of $6.62 per share, with a total value of $32,438.00. Following the completion of the acquisition, the insider now owns 4,732,619 shares of the company’s stock, valued at $31,329,937.78. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Shares of BCOV stock opened at $7.19 on Friday. The firm’s 50 day moving average price is $7.42 and its two-hundred day moving average price is $9.10. Brightcove Inc. has a fifty-two week low of $6.52 and a fifty-two week high of $16.87. The stock has a market cap of $298.59 million, a price-to-earnings ratio of 55.31 and a beta of 0.77.

Brightcove (NASDAQ:BCOV – Get Rating) last posted its earnings results on Wednesday, April 27th. The software maker reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.14. 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. On average, research analysts anticipate that Brightcove Inc. will post -0.1 earnings per share for the current fiscal year.

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

Several hedge funds and other institutional investors have recently bought and sold shares of BCOV. First Manhattan Co. lifted its position in shares of Brightcove by 400.0% during the third quarter. First Manhattan Co. now owns 2,500 shares of the software maker’s stock worth $28,000 after purchasing an additional 2,000 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Brightcove during the third quarter worth $44,000. Macquarie Group Ltd. acquired a new position in shares of Brightcove during the third quarter worth $45,000. Royal Bank of Canada lifted its position in shares of Brightcove by 56.0% during the third quarter. Royal Bank of Canada now owns 4,296 shares of the software maker’s stock worth $49,000 after purchasing an additional 1,543 shares in the last quarter. Finally, Citigroup Inc. lifted its position in shares of Brightcove by 90.4% during the third quarter. Citigroup Inc. now owns 5,439 shares of the software maker’s stock worth $63,000 after purchasing an additional 2,583 shares in the last quarter. 83.33% of the stock is currently owned by institutional investors and hedge funds.

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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