SeaChange International (SEAC) Hits New 1-Year High on Earnings Beat

SeaChange International (NASDAQ:SEAC)’s share price hit a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $3.48 and last traded at $2.80, with a volume of 313100 shares traded. The stock had previously closed at $2.74.

The software maker reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.08. The company had revenue of $23.43 million for the quarter, compared to analyst estimates of $19.50 million. SeaChange International had a negative return on equity of 15.80% and a negative net margin of 54.54%. The company’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) earnings per share.

A number of analysts recently commented on the company. Lake Street Capital upgraded SeaChange International from a “hold” rating to a “buy” rating and lifted their price target for the stock from $3.00 to $4.00 in a report on Thursday. Dougherty & Co lifted their price target on SeaChange International from $4.00 to $4.50 and gave the stock a “buy” rating in a report on Thursday. Finally, Zacks Investment Research upgraded SeaChange International from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a report on Wednesday, September 13th.

A number of institutional investors have recently modified their holdings of the stock. Neuberger Berman Group LLC lifted its holdings in SeaChange International by 3.8% during the third quarter. Neuberger Berman Group LLC now owns 2,505,775 shares of the software maker’s stock worth $6,866,000 after acquiring an additional 91,277 shares during the period. Segall Bryant & Hamill LLC lifted its holdings in SeaChange International by 10.2% during the third quarter. Segall Bryant & Hamill LLC now owns 1,171,036 shares of the software maker’s stock worth $3,209,000 after acquiring an additional 108,601 shares during the period. Roumell Asset Management LLC lifted its holdings in SeaChange International by 28.8% during the third quarter. Roumell Asset Management LLC now owns 1,215,205 shares of the software maker’s stock worth $3,330,000 after acquiring an additional 271,870 shares during the period. Eidelman Virant Capital lifted its holdings in SeaChange International by 27.8% during the third quarter. Eidelman Virant Capital now owns 228,013 shares of the software maker’s stock worth $624,000 after acquiring an additional 49,591 shares during the period. Finally, Bourgeon Capital Management LLC lifted its holdings in SeaChange International by 12.6% during the third quarter. Bourgeon Capital Management LLC now owns 224,172 shares of the software maker’s stock worth $614,000 after acquiring an additional 25,046 shares during the period. Institutional investors and hedge funds own 73.53% of the company’s stock.

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SeaChange International Company Profile

SeaChange International, Inc (SeaChange) is engaged in the delivery of multiscreen video. The Company’s products and services facilitate the aggregation, licensing, management and distribution of video and advertising content for cable television system operators, telecommunications companies, satellite operators and media companies.

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