Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by analysts at Chardan Capital from a “buy” rating to a “neutral” rating in a report issued on Friday, MarketBeat.com reports. They presently have a $30.00 price objective on the software maker’s stock, down from their prior price objective of $36.00. Chardan Capital’s price objective indicates a potential upside of 9.09% from the stock’s previous close.

A number of other equities research analysts have also weighed in on BNFT. William Blair raised Benefitfocus from a “market perform” rating to an “outperform” rating in a report on Thursday, June 1st. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, June 28th. BidaskClub lowered Benefitfocus from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Raymond James Financial, Inc. lifted their price objective on Benefitfocus from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, July 27th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Benefitfocus in a report on Tuesday, August 1st. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $40.00.

Benefitfocus (NASDAQ:BNFT) traded down 20.52% during trading on Friday, reaching $27.50. The company had a trading volume of 684,880 shares. The firm has a 50-day moving average of $35.69 and a 200-day moving average of $31.08. Benefitfocus has a 1-year low of $24.55 and a 1-year high of $44.26. The stock’s market capitalization is $853.66 million.

Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. The business had revenue of $63.30 million during the quarter, compared to analysts’ expectations of $62.07 million. During the same period in the prior year, the firm posted ($0.22) EPS. Benefitfocus’s revenue for the quarter was up 9.3% compared to the same quarter last year. On average, analysts anticipate that Benefitfocus will post ($0.32) EPS for the current fiscal year.

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Several large investors have recently made changes to their positions in the company. Marshall Wace North America L.P. purchased a new stake in shares of Benefitfocus during the second quarter valued at approximately $1,109,000. Legal & General Group Plc raised its stake in shares of Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after buying an additional 420 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Benefitfocus by 33.9% in the second quarter. Bank of New York Mellon Corp now owns 70,045 shares of the software maker’s stock valued at $2,546,000 after buying an additional 17,744 shares during the period. Rhumbline Advisers raised its stake in shares of Benefitfocus by 21.3% in the second quarter. Rhumbline Advisers now owns 21,193 shares of the software maker’s stock valued at $770,000 after buying an additional 3,725 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Benefitfocus by 12.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,598 shares of the software maker’s stock valued at $2,494,000 after buying an additional 7,402 shares during the period. 83.16% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

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