Benefitfocus, Inc. (NASDAQ:BNFT) Receives Consensus Recommendation of “Buy” from Analysts
Benefitfocus, Inc. (NASDAQ:BNFT) has been given a consensus recommendation of “Buy” by the nine brokerages that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $39.00.
Several research analysts have commented on BNFT shares. Chardan Capital lifted their price target on shares of Benefitfocus from $31.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, April 28th. Canaccord Genuity reissued a “buy” rating and set a $33.00 price target on shares of Benefitfocus in a research note on Thursday, March 16th. Jefferies Group LLC reissued a “buy” rating and set a $35.00 price target on shares of Benefitfocus in a research note on Thursday, March 16th. Zacks Investment Research raised shares of Benefitfocus from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research note on Wednesday, June 28th. Finally, William Blair raised shares of Benefitfocus from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 1st.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its position in shares of Benefitfocus by 27.5% in the first quarter. Wells Fargo & Company MN now owns 227,589 shares of the software maker’s stock valued at $6,361,000 after buying an additional 49,073 shares in the last quarter. First Mercantile Trust Co. boosted its position in shares of Benefitfocus by 544.0% in the first quarter. First Mercantile Trust Co. now owns 4,476 shares of the software maker’s stock valued at $125,000 after buying an additional 3,781 shares in the last quarter. Capital Impact Advisors LLC purchased a new position in shares of Benefitfocus during the first quarter valued at about $1,673,000. Raymond James Trust N.A. purchased a new position in shares of Benefitfocus during the first quarter valued at about $265,000. Finally, Peregrine Capital Management LLC boosted its position in shares of Benefitfocus by 6.3% in the first quarter. Peregrine Capital Management LLC now owns 690,130 shares of the software maker’s stock valued at $19,082,000 after buying an additional 40,692 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Benefitfocus (NASDAQ BNFT) opened at 36.00 on Monday. The firm’s market capitalization is $1.12 billion. Benefitfocus has a 12 month low of $24.55 and a 12 month high of $44.98. The stock has a 50 day moving average of $34.31 and a 200 day moving average of $30.26.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Thursday, April 27th. The software maker reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.02. The business had revenue of $64.10 million for the quarter, compared to analysts’ expectations of $62.94 million. The company’s revenue was up 17.0% compared to the same quarter last year. During the same period last year, the business posted ($0.29) earnings per share. On average, equities analysts predict that Benefitfocus will post ($0.32) earnings per share for the current fiscal year.
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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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