Millrace Asset Group Inc. lessened its holdings in Brightcove Inc. (NASDAQ:BCOV) by 52.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 66,583 shares of the software maker’s stock after selling 74,556 shares during the quarter. Millrace Asset Group Inc.’s holdings in Brightcove were worth $955,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in the company. Paloma Partners Management Co boosted its position in shares of Brightcove by 6.9% in the first quarter. Paloma Partners Management Co now owns 12,349 shares of the software maker’s stock valued at $248,000 after acquiring an additional 798 shares during the period. New York State Common Retirement Fund lifted its position in Brightcove by 2.7% during the first quarter. New York State Common Retirement Fund now owns 34,400 shares of the software maker’s stock worth $692,000 after purchasing an additional 900 shares during the period. Los Angeles Capital Management LLC lifted its position in Brightcove by 1.3% during the second quarter. Los Angeles Capital Management LLC now owns 78,811 shares of the software maker’s stock worth $1,131,000 after purchasing an additional 985 shares during the period. Globeflex Capital L P lifted its position in Brightcove by 0.8% during the first quarter. Globeflex Capital L P now owns 142,285 shares of the software maker’s stock worth $2,863,000 after purchasing an additional 1,161 shares during the period. Finally, Royal Bank of Canada lifted its position in Brightcove by 165.2% during the first quarter. Royal Bank of Canada now owns 2,474 shares of the software maker’s stock worth $50,000 after purchasing an additional 1,541 shares during the period. 84.53% of the stock is owned by institutional investors.
In other news, major shareholder Edenbrook Capital, Llc acquired 28,790 shares of the stock in a transaction dated Friday, September 17th. The stock was bought at an average price of $11.34 per share, with a total value of $326,478.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last three months, insiders have acquired 102,289 shares of company stock valued at $1,163,696. Insiders own 3.70% of the company’s stock.
Brightcove (NASDAQ:BCOV) last issued its earnings results on Tuesday, July 27th. The software maker reported $0.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.08. The firm had revenue of $51.47 million during the quarter, compared to the consensus estimate of $50.14 million. Brightcove had a return on equity of 14.52% and a net margin of 4.47%. On average, equities analysts predict that Brightcove Inc. will post 0.11 earnings per share for the current year.
Several equities research analysts recently weighed in on BCOV shares. Colliers Securities reaffirmed a “buy” rating and set a $30.00 price objective on shares of Brightcove in a research report on Tuesday, July 20th. Lake Street Capital cut their price objective on shares of Brightcove from $25.00 to $17.00 and set a “buy” rating for the company in a research report on Thursday, July 29th. Northland Securities cut their price objective on shares of Brightcove from $29.00 to $23.00 and set an “outperform” rating for the company in a research report on Thursday, July 29th. Finally, Zacks Investment Research cut shares of Brightcove from a “hold” rating to a “sell” rating in a research report on Monday, August 2nd. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Brightcove has a consensus rating of “Buy” and a consensus target price of $21.60.
Brightcove, Inc engages in the provision of video cloud solutions. The firm enables its customers to publish and distribute video to Internet-connected devices. Its products include Video Cloud, Video Marketing Suite, Enterprise Video Suite, Brightcove Campaign, Player, Live, Dynamic Server-Side Ad Insertion (SSAI), OTT Experiences, and Zencoder.
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