Benefitfocus, Inc. (BNFT) Raised to Hold at Zacks Investment Research
Benefitfocus, Inc. (NASDAQ:BNFT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
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. “
A number of other research firms have also recently weighed in on BNFT. BidaskClub cut Benefitfocus from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Raymond James Financial, Inc. increased their price objective on Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price objective on shares of Benefitfocus in a research report on Tuesday, August 1st. Chardan Capital cut Benefitfocus from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $36.00 to $30.00 in a research report on Friday, August 4th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 price objective on shares of Benefitfocus in a research report on Friday, August 4th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $35.38.
Shares of Benefitfocus (NASDAQ:BNFT) traded up $0.87 during midday trading on Tuesday, hitting $25.90. The company had a trading volume of 452,262 shares, compared to its average volume of 204,272. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of -2.53. Benefitfocus has a 1 year low of $22.30 and a 1 year high of $37.10.
Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Thursday, November 2nd. The software maker reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. The firm had revenue of $62.45 million during the quarter, compared to analyst estimates of $62.19 million. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period last year, the company earned ($0.14) earnings per share. research analysts forecast that Benefitfocus will post -0.88 earnings per share for the current fiscal year.
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In other Benefitfocus news, CEO Shawn A. Jenkins bought 37,000 shares of the business’s stock in a transaction dated Monday, November 6th. The stock was acquired at an average cost of $25.27 per share, with a total value of $934,990.00. Following the purchase, the chief executive officer now owns 2,782,683 shares in the company, valued at approximately $70,318,399.41. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 40.10% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Legal & General Group Plc raised its stake in shares of Benefitfocus by 13.2% during the 2nd quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after buying an additional 420 shares in the last quarter. American International Group Inc. increased its stake in Benefitfocus by 7.1% in the 1st quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock valued at $222,000 after purchasing an additional 523 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Benefitfocus by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 52,301 shares of the software maker’s stock valued at $1,462,000 after purchasing an additional 632 shares in the last quarter. Nationwide Fund Advisors increased its stake in Benefitfocus by 20.6% in the 2nd quarter. Nationwide Fund Advisors now owns 9,029 shares of the software maker’s stock valued at $328,000 after purchasing an additional 1,542 shares in the last quarter. Finally, Sei Investments Co. increased its stake in Benefitfocus by 65.1% in the 3rd quarter. Sei Investments Co. now owns 6,025 shares of the software maker’s stock valued at $203,000 after purchasing an additional 2,375 shares in the last quarter. 84.17% of the stock is owned by institutional investors and hedge funds.
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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