Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, August 9th.
According to Zacks, “Benefitfocus, Inc. offers cloud-based software solutions to consumers, employers, insurance carriers and brokers. The Company’s platform of products and services enable customers to efficiently shop, enroll, manage and exchange benefits information. Benefitfocus, Inc. is based in Charleston, South Carolina. “
Several other brokerages also recently weighed in on BNFT. Raymond James Financial, Inc. upped their target price on Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. BidaskClub downgraded Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 target price on shares of Benefitfocus in a research note on Tuesday, August 1st. Chardan Capital downgraded Benefitfocus from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $36.00 to $30.00 in a research note on Friday, August 4th. Finally, William Blair raised Benefitfocus from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 1st. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Benefitfocus has a consensus rating of “Buy” and an average price target of $39.00.
Benefitfocus (BNFT) traded up 2.30% during midday trading on Wednesday, reaching $28.95. 204,673 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $33.13 and its 200 day moving average is $30.91. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $42.49. The firm’s market capitalization is $902.63 million.
Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Thursday, August 3rd. The software maker reported ($0.05) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. The business had revenue of $63.30 million for the quarter, compared to analyst estimates of $62.07 million. The company’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.22) earnings per share. On average, equities analysts anticipate that Benefitfocus will post ($0.30) earnings per share for the current year.
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Hedge funds and other institutional investors have recently bought and sold shares 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 valued at $125,000 after buying an additional 3,781 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of 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 during the last quarter. Sei Investments Co. bought a new stake in shares of Benefitfocus during the second quarter valued at about $133,000. LLBH Private Wealth Management LLC bought a new stake in shares of Benefitfocus during the first quarter valued at about $209,000. Finally, American International Group Inc. boosted 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 owned by hedge funds and other institutional investors.
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.
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