Benefitfocus, Inc. (NASDAQ:BNFT) Given “Buy” Rating at Canaccord Genuity

Canaccord Genuity reissued their buy rating on shares of Benefitfocus, Inc. (NASDAQ:BNFT) in a research report sent to investors on Tuesday, August 1st. The firm currently has a $35.00 price target on the software maker’s stock.

A number of other brokerages have also recently weighed in on BNFT. Raymond James Financial, Inc. lifted their price target on shares of Benefitfocus from $38.00 to $43.00 and gave the stock an outperform rating in a research report on Thursday, July 27th. Zacks Investment Research raised shares of Benefitfocus from a hold rating to a buy rating and set a $40.00 price target on the stock in a research report on Wednesday, June 28th. BidaskClub cut shares of Benefitfocus from a buy rating to a hold rating in a research report on Monday, July 24th. William Blair raised shares of Benefitfocus from a market perform rating to an outperform rating in a research report on Thursday, June 1st. Finally, Chardan Capital lifted their price target on shares of Benefitfocus from $31.00 to $36.00 and gave the stock a buy rating in a research report on Friday, April 28th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Benefitfocus currently has an average rating of Buy and an average target price of $39.00.

Shares of Benefitfocus (BNFT) opened at 28.95 on Tuesday. The stock’s market cap is $902.63 million. The stock has a 50 day moving average price of $33.13 and a 200-day moving average price of $30.91. Benefitfocus has a 12-month low of $24.55 and a 12-month high of $42.49.

Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The firm had revenue of $63.30 million for the quarter, compared to the consensus estimate of $62.07 million. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.22) earnings per share. Equities analysts anticipate that Benefitfocus will post ($0.30) EPS for the current fiscal year.

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A number of large investors have recently bought and sold shares of the stock. First Mercantile Trust Co. boosted its stake in Benefitfocus by 544.0% in the first quarter. First Mercantile Trust Co. now owns 4,476 shares of the software maker’s stock valued at $125,000 after buying an additional 3,781 shares in the last quarter. Legal & General Group Plc boosted its stake in Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after buying an additional 420 shares in the last quarter. Sei Investments Co. bought a new stake in Benefitfocus during the second quarter valued at approximately $133,000. LLBH Private Wealth Management LLC bought a new stake in Benefitfocus during the first quarter valued at approximately $209,000. Finally, American International Group Inc. raised its stake in shares of Benefitfocus by 7.1% in the first quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock valued at $222,000 after buying an additional 523 shares during the last quarter. 81.94% of the stock is currently owned by institutional investors and hedge funds.

About Benefitfocus

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.