Brightcove (NASDAQ:BCOV) Cut to Hold at Lake Street Capital

Lake Street Capital cut shares of Brightcove (NASDAQ:BCOV) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

Several other equities research analysts also recently issued reports on the stock. Rosenblatt Securities reiterated a “neutral” rating and issued a $4.45 target price (down from $5.00) on shares of Brightcove in a research note on Monday. StockNews.com downgraded shares of Brightcove from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 20th.

Brightcove Stock Performance

Shares of NASDAQ:BCOV opened at $4.29 on Monday. Brightcove has a 52-week low of $1.55 and a 52-week high of $4.33. The company has a market capitalization of $193.65 million, a P/E ratio of -20.43 and a beta of 0.74. The company has a 50-day simple moving average of $2.48 and a 200 day simple moving average of $2.30.

Insider Activity at Brightcove

In other news, major shareholder Edenbrook Capital, Llc acquired 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were acquired at an average cost of $2.07 per share, with a total value of $41,400.00. Following the completion of the purchase, the insider now directly owns 6,651,535 shares of the company’s stock, valued at $13,768,677.45. The trade was a 0.30 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have bought 48,988 shares of company stock valued at $100,789 over the last three months. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BCOV. First Eagle Investment Management LLC boosted its position in Brightcove by 81.4% in the second quarter. First Eagle Investment Management LLC now owns 600,334 shares of the software maker’s stock valued at $1,423,000 after buying an additional 269,302 shares in the last quarter. P.A.W. Capital Corp acquired a new position in shares of Brightcove during the third quarter worth $540,000. Edenbrook Capital LLC lifted its holdings in shares of Brightcove by 1.8% during the third quarter. Edenbrook Capital LLC now owns 6,651,535 shares of the software maker’s stock worth $14,367,000 after purchasing an additional 120,121 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Brightcove during the second quarter worth $142,000. Finally, Nantahala Capital Management LLC acquired a new position in shares of Brightcove during the second quarter worth $3,114,000. 80.12% of the stock is owned by institutional investors.

About Brightcove

Brightcove Inc provides cloud-based streaming services the Americas, Europe, the Asia Pacific, Japan, India, and the Middle East. It offers Video Cloud, an online video streaming platform that enables its customers to publish, deliver, and distribute high-quality video to internet-connected devices. The company’s solutions and products comprise Brightcove Marketing Studio, a video streaming solution; Brightcove Communications Studio for marketers and corporate communications professionals; Brightcove Media Studio, a solution for over-the-top (OTT) video services, media publishers, and leading broadcasters to monetize their media, live stream at scale, and nurture their audience lifecycle; Brightcove Audience Insights, a customer data platform for video streaming businesses; Zencoder, a cloud-based video encoding service; and Brightcove Beacon, a platform that enables its customers to launch premium OTT video streaming experiences, as well as Brightcove Marketplace.