Benefitfocus (BNFT) Downgraded by BidaskClub to “Strong Sell”

Benefitfocus (NASDAQ:BNFT) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, January 18th.

Several other brokerages have also recently commented on BNFT. Zacks Investment Research cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Canaccord Genuity restated a “buy” rating and set a $34.00 target price on shares of Benefitfocus in a research report on Monday, October 30th. William Blair downgraded shares of Benefitfocus from an “outperform” rating to a “market perform” rating in a report on Friday, November 3rd. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $34.00 price target on shares of Benefitfocus in a report on Friday, November 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Benefitfocus has a consensus rating of “Hold” and a consensus target price of $34.38.

Shares of Benefitfocus (NASDAQ BNFT) traded up $0.10 during midday trading on Thursday, hitting $23.90. 216,125 shares of the company traded hands, compared to its average volume of 138,967. The company has a debt-to-equity ratio of -2.39, a current ratio of 1.08 and a quick ratio of 1.08. Benefitfocus has a 12-month low of $22.30 and a 12-month high of $37.10. The firm has a market capitalization of $747.42, a PE ratio of -28.45 and a beta of 0.99.

A number of institutional investors have recently added to or reduced their stakes in BNFT. Schwab Charles Investment Management Inc. grew its holdings in Benefitfocus by 12.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,598 shares of the software maker’s stock valued at $2,494,000 after purchasing an additional 7,402 shares during the period. Rhumbline Advisers lifted its position in Benefitfocus by 21.3% during the second quarter. Rhumbline Advisers now owns 21,193 shares of the software maker’s stock valued at $770,000 after buying an additional 3,725 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Benefitfocus by 33.9% during the second quarter. Bank of New York Mellon Corp now owns 70,045 shares of the software maker’s stock valued at $2,546,000 after buying an additional 17,744 shares in the last quarter. Legal & General Group Plc lifted its position in Benefitfocus by 13.2% during 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. Finally, Swiss National Bank lifted its position in Benefitfocus by 16.4% during the second quarter. Swiss National Bank now owns 25,600 shares of the software maker’s stock valued at $931,000 after buying an additional 3,600 shares in the last quarter. Hedge funds and other institutional investors own 87.34% of the company’s stock.

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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.

Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

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