Benefitfocus Inc (BNFT) Receives Buy Rating from Chardan Capital
Chardan Capital restated their buy rating on shares of Benefitfocus Inc (NASDAQ:BNFT) in a research note published on Wednesday morning. Chardan Capital currently has a $31.00 price target on the stock.
A number of other research analysts have also issued reports on the stock. Berenberg Bank started coverage on shares of Benefitfocus in a report on Tuesday, February 7th. They issued a buy rating and a $36.00 price objective for the company. Canaccord Genuity reiterated a buy rating and issued a $35.00 price objective on shares of Benefitfocus in a report on Wednesday, February 22nd. Jefferies Group LLC decreased their target price on shares of Benefitfocus from $41.00 to $35.00 and set a buy rating for the company in a research report on Friday, February 24th. Zacks Investment Research downgraded shares of Benefitfocus from a hold rating to a sell rating in a research report on Thursday, February 23rd. Finally, Royal Bank of Canada reissued a hold rating and set a $33.00 target price on shares of Benefitfocus in a research report on Friday, February 24th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Benefitfocus has a consensus rating of Buy and a consensus target price of $39.11.
Benefitfocus (NASDAQ:BNFT) opened at 27.50 on Wednesday. The stock’s market cap is $844.64 million. Benefitfocus has a one year low of $24.55 and a one year high of $44.98. The firm’s 50 day moving average price is $27.82 and its 200 day moving average price is $32.13.
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Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings data on Thursday, February 23rd. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.03. The business earned $62.60 million during the quarter, compared to the consensus estimate of $62.96 million. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.33) EPS. Equities analysts forecast that Benefitfocus will post ($0.31) earnings per share for the current year.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Pacad Investment Ltd. increased its stake in Benefitfocus by 500.0% in the fourth quarter. Pacad Investment Ltd. now owns 4,800 shares of the company’s stock worth $143,000 after buying an additional 4,000 shares in the last quarter. Intellectus Partners LLC purchased a new stake in Benefitfocus during the fourth quarter worth $220,000. Summit Securities Group LLC purchased a new stake in Benefitfocus during the third quarter worth $324,000. Royal Bank of Canada purchased a new stake in Benefitfocus during the second quarter worth $347,000. Finally, Ellington Management Group LLC increased its stake in Benefitfocus by 20.7% in the fourth quarter. Ellington Management Group LLC now owns 9,900 shares of the company’s stock worth $294,000 after buying an additional 1,700 shares in the last quarter. 80.97% of the stock is owned by institutional investors and hedge funds.
Benefitfocus Company Profile
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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