Zacks: Analysts Anticipate Benefitfocus, Inc. (BNFT) Will Post Quarterly Sales of $62.26 Million
Wall Street brokerages expect Benefitfocus, Inc. (NASDAQ:BNFT) to announce $62.26 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Benefitfocus’ earnings. The lowest sales estimate is $62.18 million and the highest is $62.47 million. Benefitfocus posted sales of $58.02 million in the same quarter last year, which suggests a positive year-over-year growth rate of 7.3%. The company is expected to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that Benefitfocus will report full-year sales of $62.26 million for the current fiscal year, with estimates ranging from $256.40 million to $257.34 million. For the next fiscal year, analysts forecast that the company will post sales of $289.35 million per share, with estimates ranging from $287.00 million to $293.70 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Benefitfocus.
Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Thursday, August 3rd. The software maker reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.09. The company had revenue of $63.30 million for the quarter, compared to analyst estimates of $62.07 million. During the same quarter in the previous year, the company posted ($0.22) earnings per share. Benefitfocus’s revenue for the quarter was up 9.3% on a year-over-year basis.
Several equities research analysts recently issued reports on BNFT shares. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price target on shares of Benefitfocus in a report on Tuesday, August 1st. Berenberg Bank reaffirmed a “buy” rating and set a $36.00 price target on shares of Benefitfocus in a report on Thursday, August 10th. Zacks Investment Research raised shares of Benefitfocus from a “hold” rating to a “buy” rating and set a $31.00 price target on the stock in a report on Tuesday, August 8th. BidaskClub lowered shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Chardan Capital lowered shares of Benefitfocus from a “buy” rating to a “neutral” rating and decreased their price target for the company from $36.00 to $30.00 in a report on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Benefitfocus presently has a consensus rating of “Buy” and an average target price of $39.78.
A number of large investors have recently bought and sold shares of the stock. Lord Abbett & CO. LLC acquired a new stake in Benefitfocus during the 2nd quarter worth approximately $463,000. California State Teachers Retirement System boosted its position 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 during the period. The Manufacturers Life Insurance Company boosted its position 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 during the period. State Street Corp boosted its position 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 during the period. Finally, Gotham Asset Management LLC acquired a new stake in Benefitfocus during the 2nd quarter worth approximately $260,000. Institutional investors and hedge funds own 84.63% of the company’s stock.
Benefitfocus (NASDAQ BNFT) opened at 32.55 on Friday. The firm’s market capitalization is $1.01 billion. Benefitfocus has a 12 month low of $24.55 and a 12 month high of $42.49. The stock’s 50 day moving average is $30.96 and its 200-day moving average is $31.73.
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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