Brightcove Inc. (NASDAQ:BCOV) Expected to Post Quarterly Sales of $37.89 Million
Wall Street analysts expect that Brightcove Inc. (NASDAQ:BCOV) will announce $37.89 million in sales for the current quarter, according to Zacks. Three analysts have provided estimates for Brightcove’s earnings, with the lowest sales estimate coming in at $37.50 million and the highest estimate coming in at $38.18 million. Brightcove posted sales of $38.39 million during the same quarter last year, which suggests a negative year-over-year growth rate of 1.3%. The firm is expected to report its next quarterly earnings results on Wednesday, November 1st.
On average, analysts expect that Brightcove will report full year sales of $37.89 million for the current fiscal year, with estimates ranging from $152.50 million to $153.00 million. For the next fiscal year, analysts expect that the company will post sales of $162.44 million per share, with estimates ranging from $158.94 million to $166.15 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Brightcove.
Brightcove (NASDAQ:BCOV) last announced its quarterly earnings results on Wednesday, July 26th. The software maker reported ($0.16) EPS for the quarter, missing the consensus estimate of ($0.14) by $0.02. Brightcove had a negative net margin of 12.22% and a negative return on equity of 19.65%. The firm had revenue of $38.75 million during the quarter, compared to analyst estimates of $37.13 million. During the same quarter in the previous year, the business posted ($0.01) EPS. Brightcove’s revenue for the quarter was up 5.4% compared to the same quarter last year.
BCOV has been the subject of several analyst reports. B. Riley downgraded Brightcove to a “neutral” rating and set a $5.50 price target for the company. in a report on Wednesday, May 10th. Stifel Nicolaus reduced their price target on Brightcove from $13.00 to $10.50 and set a “buy” rating for the company in a report on Monday, May 15th. Northland Securities set a $7.00 price target on Brightcove and gave the company a “hold” rating in a report on Friday, July 21st. ValuEngine downgraded Brightcove from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research downgraded Brightcove from a “hold” rating to a “sell” rating in a report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $10.40.
Shares of Brightcove (NASDAQ BCOV) opened at 6.85 on Wednesday. The firm has a 50 day moving average of $6.45 and a 200 day moving average of $7.27. Brightcove has a 52 week low of $5.40 and a 52 week high of $13.80. The firm’s market cap is $235.26 million.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. purchased a new position in shares of Brightcove during the fourth quarter valued at about $119,000. Parametric Portfolio Associates LLC boosted its position in Brightcove by 14.0% in the first quarter. Parametric Portfolio Associates LLC now owns 17,819 shares of the software maker’s stock worth $159,000 after buying an additional 2,183 shares during the last quarter. Citadel Advisors LLC boosted its position in Brightcove by 212.1% in the first quarter. Citadel Advisors LLC now owns 18,167 shares of the software maker’s stock worth $162,000 after buying an additional 34,367 shares during the last quarter. American International Group Inc. boosted its position in Brightcove by 7.1% in the first quarter. American International Group Inc. now owns 18,452 shares of the software maker’s stock worth $164,000 after buying an additional 1,223 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System boosted its position in Brightcove by 21.8% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 23,154 shares of the software maker’s stock worth $186,000 after buying an additional 4,148 shares during the last quarter. 68.52% of the stock is currently owned by institutional investors and hedge funds.
Brightcove Inc is a global provider of cloud-based services for video. The Company’s products and services include Brightcove Video Cloud (Video Cloud), Brightcove Zencoder (Zencoder), Brightcove Once (Once), Brightcove Perform (Perform), Brightcove Video Marketing Suite (Video Marketing Suite), Brightcove Lift (Lift), Brightcove OTT Flow (OTT Flow) and Brightcove Enterprise Video Suite (Enterprise Video Suite), among others.
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