Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by equities researchers at Chardan Capital from a “buy” rating to a “neutral” rating in a note issued to investors on Friday. They currently have a $30.00 target price on the software maker’s stock, down from their prior target price of $36.00. Chardan Capital’s price target suggests a potential upside of 9.09% from the stock’s current price.
BNFT has been the subject of a number of other reports. William Blair raised shares of Benefitfocus from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 1st. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 target price on shares of Benefitfocus in a report on Tuesday, August 1st. Zacks Investment Research upgraded Benefitfocus from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Wednesday, June 28th. Raymond James Financial, Inc. upped their target price on Benefitfocus from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, BidaskClub downgraded Benefitfocus from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $40.00.
Shares of Benefitfocus (NASDAQ:BNFT) opened at 27.50 on Friday. Benefitfocus has a one year low of $24.55 and a one year high of $44.98. The stock’s 50 day moving average is $35.69 and its 200-day moving average is $31.08. The stock’s market capitalization is $853.66 million.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.09. The firm had revenue of $63.30 million for the quarter, compared to analysts’ expectations of $62.07 million. During the same period in the prior year, the company posted ($0.22) earnings per share. Benefitfocus’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, equities research analysts expect that Benefitfocus will post ($0.32) EPS for the current year.
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Several institutional investors have recently modified their holdings of the stock. First Mercantile Trust Co. increased its position in Benefitfocus by 544.0% in the first quarter. First Mercantile Trust Co. now owns 4,476 shares of the software maker’s stock worth $125,000 after buying an additional 3,781 shares in the last quarter. Legal & General Group Plc increased its position in Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after buying an additional 420 shares in the last quarter. Sei Investments Co. purchased a new position in Benefitfocus during the second quarter worth approximately $133,000. LLBH Private Wealth Management LLC purchased a new position in Benefitfocus during the first quarter worth approximately $209,000. Finally, American International Group Inc. increased its position in Benefitfocus by 7.1% in the first quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock worth $222,000 after buying an additional 523 shares in the last quarter. Institutional investors own 83.16% of the company’s stock.
Benefitfocus Company Profile
Benefitfocus, Inc (Benefitfocus) is a provider of cloud-based benefits management platform for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. The Company operates through two business segments: Employer, which derives its revenue from customers that use the Company’s services for the provision of benefits to their employees, and administrators acting on behalf of employers, Carrier, which derives its revenue from insurance companies that provide coverage at their own risk.
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