Berenberg Bank Reaffirms Buy Rating for Benefitfocus, Inc. (NASDAQ:BNFT)
Benefitfocus, Inc. (NASDAQ:BNFT)‘s stock had its “buy” rating reissued by stock analysts at Berenberg Bank in a note issued to investors on Thursday. They currently have a $36.00 price target on the software maker’s stock. Berenberg Bank’s price target points to a potential upside of 26.09% from the stock’s previous close.
Other equities research analysts have also recently issued research reports about the company. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price target on shares of Benefitfocus in a report on Tuesday, August 1st. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Tuesday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 price target on shares of Benefitfocus in a report on Friday, August 4th. Chardan Capital lifted their price target on Benefitfocus from $31.00 to $36.00 and gave the company a “buy” rating in a report on Friday, April 28th. Finally, BidaskClub cut Benefitfocus from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Benefitfocus currently has an average rating of “Buy” and a consensus price target of $39.00.
Shares of Benefitfocus (NASDAQ BNFT) opened at 28.55 on Thursday. The firm’s 50-day moving average price is $35.31 and its 200 day moving average price is $31.10. Benefitfocus has a 1-year low of $24.55 and a 1-year high of $43.30. The stock’s market capitalization is $886.25 million.
Benefitfocus (NASDAQ:BNFT) last issued its earnings results on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. The company had revenue of $63.30 million during the quarter, compared to analyst estimates of $62.07 million. The business’s revenue was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.22) earnings per share. Analysts expect that Benefitfocus will post ($0.30) EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the company. Swiss National Bank boosted its stake in shares of Benefitfocus by 16.4% in 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 during the last quarter. Great Lakes Advisors LLC purchased a new stake in shares of Benefitfocus during the second quarter valued at approximately $2,477,000. Marshall Wace North America L.P. purchased a new stake in shares of Benefitfocus during the second quarter valued at approximately $1,109,000. 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. Finally, Bank of New York Mellon Corp boosted its stake in shares of Benefitfocus by 33.9% in 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 during the last quarter. 83.32% of the stock is currently owned by hedge funds and other institutional investors.
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.
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