Essex Investment Management Co. LLC cut its stake in shares of Benefitfocus Inc (NASDAQ:BNFT) by 5.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 41,798 shares of the software maker’s stock after selling 2,562 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Benefitfocus were worth $1,911,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Voya Investment Management LLC acquired a new position in Benefitfocus in the second quarter valued at about $263,000. FMR LLC grew its stake in Benefitfocus by 8.3% in the second quarter. FMR LLC now owns 4,395,000 shares of the software maker’s stock valued at $147,672,000 after acquiring an additional 336,048 shares during the period. Northern Trust Corp grew its stake in Benefitfocus by 22.1% in the second quarter. Northern Trust Corp now owns 250,644 shares of the software maker’s stock valued at $8,421,000 after acquiring an additional 45,389 shares during the period. Vanguard Capital Wealth Advisors acquired a new position in Benefitfocus in the third quarter valued at about $210,000. Finally, Emerald Mutual Fund Advisers Trust acquired a new position in Benefitfocus in the third quarter valued at about $1,384,000. 92.72% of the stock is owned by hedge funds and other institutional investors.

BNFT stock opened at $58.80 on Friday. The stock has a market cap of $1.81 billion, a PE ratio of -74.43 and a beta of 1.45. Benefitfocus Inc has a fifty-two week low of $21.75 and a fifty-two week high of $59.06.

A number of research firms have issued reports on BNFT. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Wednesday, November 7th. Wedbush boosted their target price on Benefitfocus from $44.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 4th. Raymond James boosted their target price on Benefitfocus from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, November 30th. BidaskClub raised Benefitfocus from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 13th. Finally, Jefferies Financial Group boosted their target price on Benefitfocus to $48.00 and gave the company a “buy” rating in a research note on Friday, November 2nd. Three analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $50.17.

WARNING: This report was originally posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this report on another site, it was illegally copied and reposted in violation of US and international trademark and copyright law. The correct version of this report can be viewed at https://www.thecerbatgem.com/2019/02/16/essex-investment-management-co-llc-has-1-91-million-position-in-benefitfocus-inc-bnft.html.

Benefitfocus Company Profile

Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers in the United States. It operates through Employer and Carrier segments. The company's products for insurance carriers include Marketplaces, which are online shopping environments; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution for communication; eSales for carriers and brokers to organize and manage accounts, track leads, generate quotes, and create proposals for products; and Core & Advanced Analytics, a data analytics solution.

Featured Story: Leveraged Buyout (LBO)

Want to see what other hedge funds are holding BNFT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Benefitfocus Inc (NASDAQ:BNFT).

Institutional Ownership by Quarter for Benefitfocus (NASDAQ:BNFT)

Receive News & Ratings for Benefitfocus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Benefitfocus and related companies with MarketBeat.com's FREE daily email newsletter.