Benefitfocus Inc. (BNFT) CEO Shawn A. Jenkins Sells 10,000 Shares
Benefitfocus Inc. (NASDAQ:BNFT) CEO Shawn A. Jenkins sold 10,000 shares of the firm’s stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $42.03, for a total value of $420,300.00. Following the transaction, the chief executive officer now owns 2,290,896 shares of the company’s stock, valued at approximately $96,286,358.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Benefitfocus Inc. (NASDAQ:BNFT) traded down 2.02% during mid-day trading on Wednesday, reaching $41.15. 159,611 shares of the company’s stock traded hands. The company’s 50-day moving average price is $40.33 and its 200-day moving average price is $38.68. Benefitfocus Inc. has a 12-month low of $21.04 and a 12-month high of $44.98. The stock’s market capitalization is $1.22 billion.
Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.15. The firm earned $57.90 million during the quarter, compared to analyst estimates of $56.42 million. The company’s revenue was up 35.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.53) EPS. Analysts anticipate that Benefitfocus Inc. will post ($0.95) earnings per share for the current year.
A number of research analysts have recently weighed in on the company. Zacks Investment Research upgraded Benefitfocus from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Monday, August 8th. RBC Capital Markets restated a “sector perform” rating and set a $46.00 price objective (up previously from $36.00) on shares of Benefitfocus in a research report on Monday, August 1st. Jefferies Group raised their price objective on Benefitfocus from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Royal Bank Of Canada raised their price objective on Benefitfocus from $36.00 to $46.00 and gave the company a “sector perform” rating in a research report on Monday, August 1st. Finally, Deutsche Bank AG raised their price objective on Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $48.22.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC increased its position in shares of Benefitfocus by 17.9% in the second quarter. Lord Abbett & CO. LLC now owns 1,221,475 shares of the company’s stock worth $46,563,000 after buying an additional 185,407 shares during the period. GMT Capital Corp bought a new stake in Benefitfocus during the second quarter worth approximately $5,542,000. BlackRock Fund Advisors boosted its stake in Benefitfocus by 61.2% in the second quarter. BlackRock Fund Advisors now owns 304,235 shares of the company’s stock worth $11,597,000 after buying an additional 115,486 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Benefitfocus by 14.2% in the second quarter. JPMorgan Chase & Co. now owns 804,110 shares of the company’s stock worth $30,652,000 after buying an additional 100,291 shares in the last quarter. Finally, State Street Corp boosted its stake in Benefitfocus by 49.3% in the second quarter. State Street Corp now owns 207,951 shares of the company’s stock worth $7,924,000 after buying an additional 68,679 shares in the last quarter. Institutional investors and hedge funds own 78.96% of the company’s stock.
Benefitfocus, Inc (Benefitfocus) provides cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. It 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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