Edenbrook Capital LLC Raises Position in Brightcove Inc. (NASDAQ:BCOV)

Edenbrook Capital LLC lifted its stake in Brightcove Inc. (NASDAQ:BCOV - Free Report) by 1.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,651,535 shares of the software maker's stock after acquiring an additional 120,121 shares during the quarter. Brightcove accounts for about 6.1% of Edenbrook Capital LLC's investment portfolio, making the stock its 6th largest holding. Edenbrook Capital LLC owned 14.81% of Brightcove worth $14,367,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD bought a new position in Brightcove in the first quarter valued at about $29,000. Aaron Wealth Advisors LLC purchased a new stake in shares of Brightcove during the 2nd quarter valued at about $34,000. XTX Topco Ltd bought a new position in shares of Brightcove in the 2nd quarter worth approximately $36,000. State Board of Administration of Florida Retirement System boosted its holdings in shares of Brightcove by 89.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,454 shares of the software maker's stock worth $42,000 after buying an additional 10,120 shares during the last quarter. Finally, Wedbush Securities Inc. bought a new stake in Brightcove during the second quarter valued at approximately $47,000. 80.12% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BCOV shares. StockNews.com lowered Brightcove from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, November 20th. Rosenblatt Securities reaffirmed a "neutral" rating and issued a $4.45 price objective (down previously from $5.00) on shares of Brightcove in a research note on Monday. Finally, Lake Street Capital cut Brightcove from a "strong-buy" rating to a "hold" rating in a research report on Monday.

Insider Buying and Selling at Brightcove

In related news, major shareholder Edenbrook Capital, Llc acquired 20,000 shares of Brightcove stock in a transaction dated Thursday, September 26th. The shares were purchased at an average price of $2.07 per share, for a total transaction of $41,400.00. Following the completion of the transaction, the insider now directly owns 6,651,535 shares in the company, valued at approximately $13,768,677.45. This represents a 0.30 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired a total of 48,988 shares of company stock valued at $100,789 over the last ninety days. 4.20% of the stock is currently owned by company insiders.

Brightcove Trading Down 0.5 %

Shares of BCOV traded down $0.02 during trading hours on Wednesday, reaching $4.29. 1,090,398 shares of the stock traded hands, compared to its average volume of 304,088. The company has a market cap of $193.65 million, a P/E ratio of -20.43 and a beta of 0.74. The company's 50-day moving average price is $2.48 and its two-hundred day moving average price is $2.30. Brightcove Inc. has a 52-week low of $1.55 and a 52-week high of $4.33.

Brightcove Profile

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.