Wells Fargo reiterated their buy rating on shares of Benefitfocus (NASDAQ:BNFT) in a report released on Thursday morning. They currently have a $30.00 price objective on the software maker’s stock, down from their previous price objective of $35.00. The analysts noted that the move was a valuation call.
BNFT has been the subject of a number of other research reports. Zacks Investment Research cut Benefitfocus from a buy rating to a hold rating in a report on Wednesday, January 3rd. BidaskClub cut Benefitfocus from a sell rating to a strong sell rating in a report on Thursday, January 18th. Jefferies Group reduced their price target on Benefitfocus to $30.00 and set a buy rating for the company in a report on Thursday. Royal Bank of Canada reduced their price target on Benefitfocus to $24.00 and set a sector perform rating for the company in a report on Thursday. Finally, ValuEngine cut Benefitfocus from a sell rating to a strong sell rating in a report on Thursday, March 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $30.67.
BNFT stock opened at $24.45 on Thursday. The stock has a market capitalization of $766.04, a PE ratio of -29.82 and a beta of 0.98. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of -2.39. Benefitfocus has a fifty-two week low of $21.75 and a fifty-two week high of $37.10.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC purchased a new stake in Benefitfocus during the 2nd quarter worth approximately $288,000. Voya Investment Management LLC purchased a new stake in Benefitfocus during the 2nd quarter worth approximately $245,000. State Street Corp increased its stake in Benefitfocus by 19.1% during the 2nd quarter. State Street Corp now owns 268,724 shares of the software maker’s stock worth $9,765,000 after buying an additional 43,136 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Benefitfocus by 22.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,092 shares of the software maker’s stock worth $476,000 after buying an additional 2,410 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in Benefitfocus by 11.0% during the 2nd quarter. California State Teachers Retirement System now owns 28,198 shares of the software maker’s stock worth $1,025,000 after buying an additional 2,800 shares in the last quarter. 88.76% of the stock is owned by institutional investors.
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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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