Benefitfocus Inc. (BNFT) Trading Down 4.8% on Insider Selling
Shares of Benefitfocus Inc. (NASDAQ:BNFT) traded down 4.8% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $39.09 and last traded at $39.17, with a volume of 174,646 shares changing hands. The stock had previously closed at $41.15.
Specifically, COO Raymond Alexander August sold 16,408 shares of Benefitfocus stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $39.66, for a total value of $650,741.28. Following the completion of the sale, the chief operating officer now owns 198,102 shares in the company, valued at approximately $7,856,725.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shawn A. Jenkins sold 10,000 shares of Benefitfocus 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 completion of the sale, the chief executive officer now owns 2,290,896 shares of the company’s stock, valued at approximately $96,286,358.88. The disclosure for this sale can be found here. 45.20% of the stock is currently owned by corporate insiders.
BNFT has been the subject of several recent analyst reports. Zacks Investment Research cut Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Jefferies Group lifted their price target on Benefitfocus from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 12th. Deutsche Bank AG lifted their price target on Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Canaccord Genuity reiterated a “buy” rating and set a $48.00 target price on shares of Benefitfocus in a report on Friday, August 5th. Finally, RBC Capital Markets reiterated a “sector perform” rating and set a $46.00 target price (up previously from $36.00) on shares of Benefitfocus in a report on Monday, August 1st. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Benefitfocus currently has an average rating of “Buy” and an average target price of $48.22.
The stock’s 50-day moving average is $40.29 and its 200 day moving average is $38.69. The firm’s market capitalization is $1.17 billion.
Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings results 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 business had revenue of $57.90 million for the quarter, compared to analyst estimates of $56.42 million. Benefitfocus’s quarterly revenue was up 35.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.53) EPS. Analysts expect that Benefitfocus Inc. will post ($0.95) earnings per share for the current year.
Several institutional investors have recently bought and sold shares of BNFT. Quantitative Investment Management LLC increased its position in Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock valued at $251,000 after buying an additional 200 shares during the last quarter. BlackRock Advisors LLC increased its position in Benefitfocus by 48.2% in the second quarter. BlackRock Advisors LLC now owns 6,233 shares of the company’s stock valued at $238,000 after buying an additional 2,026 shares during the last quarter. American International Group Inc. increased its position in Benefitfocus by 60.6% in the second quarter. American International Group Inc. now owns 7,412 shares of the company’s stock valued at $283,000 after buying an additional 2,796 shares during the last quarter. SG Americas Securities LLC purchased a new position in Benefitfocus during the second quarter valued at approximately $111,000. Finally, Societe Generale purchased a new position in Benefitfocus during the second quarter valued at approximately $111,000. 78.96% of the stock is currently owned by institutional investors.
Benefitfocus Company Profile
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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