Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Benefitfocus, Inc. offers cloud-based software solutions to consumers, employers, insurance carriers and brokers. The Company’s platform of products and services enable customers to efficiently shop, enroll, manage and exchange benefits information. Benefitfocus, Inc. is based in Charleston, South Carolina. “

Other analysts have also recently issued reports about the stock. Raymond James Financial, Inc. lifted their target price on shares of Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. BidaskClub cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Chardan Capital cut shares of Benefitfocus from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $36.00 to $30.00 in a research note on Friday, August 4th. Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 target price on shares of Benefitfocus in a research note on Friday, August 4th. Finally, Berenberg Bank reiterated a “buy” rating and issued a $36.00 target price on shares of Benefitfocus in a research note on Thursday, August 10th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $39.78.

Benefitfocus (NASDAQ BNFT) opened at 32.05 on Wednesday. Benefitfocus has a 12 month low of $24.55 and a 12 month high of $42.49. The company’s market cap is $999.29 million. The company’s 50-day moving average is $30.84 and its 200-day moving average is $31.69.

Benefitfocus (NASDAQ:BNFT) last released its earnings results on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter last year, the business earned ($0.22) earnings per share. On average, equities research analysts expect that Benefitfocus will post ($0.30) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc lifted its stake in Benefitfocus by 13.2% during the 2nd quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after acquiring an additional 420 shares during the period. Sei Investments Co. acquired a new stake in Benefitfocus during the 2nd quarter valued at approximately $133,000. American International Group Inc. lifted its stake in Benefitfocus by 7.1% during the 1st quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock valued at $222,000 after acquiring an additional 523 shares during the period. Aperio Group LLC acquired a new stake in Benefitfocus during the 2nd quarter valued at approximately $222,000. Finally, ETRADE Capital Management LLC acquired a new stake in Benefitfocus during the 2nd quarter valued at approximately $227,000. Institutional investors and hedge funds own 84.63% of the company’s stock.

About Benefitfocus

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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