Zacks: Analysts Anticipate Benefitfocus, Inc. (BNFT) Will Post Quarterly Sales of $62.21 Million
Brokerages expect that Benefitfocus, Inc. (NASDAQ:BNFT) will report $62.21 million in sales for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for Benefitfocus’ earnings, with the highest sales estimate coming in at $62.37 million and the lowest estimate coming in at $62.00 million. Benefitfocus reported sales of $57.87 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7.5%. The business is scheduled to announce its next earnings results after the market closes on Thursday, August 3rd.
According to Zacks, analysts expect that Benefitfocus will report full year sales of $62.21 million for the current fiscal year, with estimates ranging from $264.10 million to $266.72 million. For the next financial year, analysts expect that the firm will report sales of $314.87 million per share, with estimates ranging from $303.70 million to $322.91 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Benefitfocus.
Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Thursday, April 27th. The software maker reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 17.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.29) EPS.
BNFT has been the topic of a number of research analyst reports. Chardan Capital boosted their target price on Benefitfocus from $31.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, April 28th. William Blair upgraded Benefitfocus from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 1st. Finally, Zacks Investment Research upgraded Benefitfocus from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Wednesday, June 28th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Benefitfocus currently has an average rating of “Buy” and an average target price of $39.00.
Benefitfocus (BNFT) opened at 34.70 on Friday. The stock’s market cap is $1.08 billion. Benefitfocus has a one year low of $24.55 and a one year high of $44.98. The firm has a 50-day moving average price of $35.79 and a 200-day moving average price of $30.82.
Several hedge funds have recently modified their holdings of BNFT. SG Americas Securities LLC bought a new stake in shares of Benefitfocus during the first quarter valued at about $349,000. LLBH Private Wealth Management LLC bought a new stake in shares of Benefitfocus during the first quarter valued at about $209,000. Bank of New York Mellon Corp increased its stake in shares of Benefitfocus by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 52,301 shares of the software maker’s stock valued at $1,462,000 after buying an additional 632 shares in the last quarter. Stoneridge Investment Partners LLC bought a new stake in shares of Benefitfocus during the first quarter valued at about $264,000. Finally, Wells Fargo & Company MN increased its position in 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 during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.
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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