Benefitfocus Inc. (BNFT) Stock Price Down 4.8% on Insider Selling
Benefitfocus Inc. (NASDAQ:BNFT) shares fell 4.8% on Thursday after an insider sold shares in the company. The company traded as low as $39.09 and last traded at $39.17, with a volume of 174,646 shares trading hands. The stock had previously closed at $41.15.
Specifically, COO Raymond Alexander August sold 16,408 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $39.66, for a total value of $650,741.28. Following the sale, the chief operating officer now owns 198,102 shares in the company, valued at $7,856,725.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mason R. Holland, Jr. sold 145,915 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $42.18, for a total transaction of $6,154,694.70. Following the completion of the sale, the insider now owns 22,537 shares in the company, valued at approximately $950,610.66. The disclosure for this sale can be found here. 45.20% of the stock is currently owned by insiders.
A number of brokerages recently issued reports on BNFT. Jefferies Group increased their price target on shares of Benefitfocus from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 12th. Zacks Investment Research downgraded shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Canaccord Genuity reissued a “buy” rating and set a $48.00 price target on shares of Benefitfocus in a report on Friday, August 5th. Deutsche Bank AG increased their price target on shares of Benefitfocus from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $46.00 price target (up from $36.00) on shares of Benefitfocus in a report on Monday, August 1st. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $48.22.
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The firm’s market cap is $1.16 billion. The firm has a 50-day moving average of $40.33 and a 200-day moving average of $38.68.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.15. The business had revenue of $57.90 million for the quarter, compared to analysts’ expectations of $56.42 million. During the same quarter in the previous year, the company earned ($0.53) earnings per share. The business’s quarterly revenue was up 35.6% on a year-over-year basis. On average, analysts anticipate that Benefitfocus Inc. will post ($0.95) EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Quantitative Investment Management LLC raised its stake in Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock worth $251,000 after buying an additional 200 shares in the last quarter. BlackRock Advisors LLC raised its stake in Benefitfocus by 48.2% in the second quarter. BlackRock Advisors LLC now owns 6,233 shares of the company’s stock worth $238,000 after buying an additional 2,026 shares in the last quarter. American International Group Inc. raised its stake in Benefitfocus by 60.6% in the second quarter. American International Group Inc. now owns 7,412 shares of the company’s stock worth $283,000 after buying an additional 2,796 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Benefitfocus during the second quarter worth $111,000. Finally, Societe Generale purchased a new stake in Benefitfocus during the second quarter worth $111,000. Institutional investors and hedge funds own 78.96% of the company’s stock.
Benefitfocus, Inc (Benefitfocus) provides cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. It 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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