Benefitfocus Trading 5.7% Higher Following Strong Earnings (BNFT)
Benefitfocus (NASDAQ:BNFT) shares traded up 5.7% during mid-day trading on Friday following a stronger than expected earnings report, Analyst Ratings.Net reports. The company traded as high as $41.35 and last traded at $40.76, with a volume of 193,430 shares trading hands. The stock had previously closed at $38.58.
The company reported ($0.62) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.70) by $0.08. The company had revenue of $32.30 million for the quarter, compared to the consensus estimate of $31.31 million. Benefitfocus’s revenue was up 32.9% compared to the same quarter last year.
Separately, analysts at Goldman Sachs cut their price target on shares of Benefitfocus from $64.00 to $50.00 in a research note on Thursday, May 22nd. They now have a “buy” rating on the stock. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $51.17.
In other Benefitfocus news, CTO Donald R. Taylor, Jr. unloaded 4,500 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $38.32, for a total value of $172,440.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
The stock has a 50-day moving average of $41.74 and a 200-day moving average of $46.85. The company’s market cap is $1.020 billion.
Benefitfocus, Inc is a provider of cloud-based benefits software solutions for consumers, employers, insurance carriers, and brokers.
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