Benefitfocus, Inc. (NASDAQ:BNFT) Upgraded at Zacks Investment Research
Benefitfocus, Inc. (NASDAQ:BNFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $31.00 price target on the software maker’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 6.71% from the company’s previous close.
According to Zacks, “Benefitfocus, Inc. offers cloud-based software solutions to consumers, employers, insurance carriers and brokers. The Company’s platform of products and services enable customers to efficiently shop, enroll, manage and exchange benefits information. Benefitfocus, Inc. is based in Charleston, South Carolina. “
Several other brokerages have also recently commented on BNFT. Raymond James Financial, Inc. raised their price target on shares of Benefitfocus from $38.00 to $43.00 and gave the company an “outperform” rating in a research report on Thursday, July 27th. BidaskClub cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Canaccord Genuity reaffirmed a “buy” rating and set a $35.00 price objective on shares of Benefitfocus in a research report on Tuesday, August 1st. Chardan Capital cut shares of Benefitfocus from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $36.00 to $30.00 in a research report on Friday. Finally, William Blair raised shares of Benefitfocus from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 1st. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Benefitfocus presently has a consensus rating of “Buy” and a consensus target price of $39.00.
Shares of Benefitfocus (NASDAQ:BNFT) traded up 3.84% during midday trading on Tuesday, reaching $29.05. The company’s stock had a trading volume of 230,017 shares. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $44.26. The stock’s market capitalization is $901.77 million. The company has a 50 day moving average price of $35.69 and a 200-day moving average price of $31.08.
Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ 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 business earned ($0.22) EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. On average, equities research analysts expect that Benefitfocus will post ($0.30) EPS for the current year.
Hedge funds have recently made changes to their positions in the stock. First Mercantile Trust Co. increased its stake 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 during the period. Legal & General Group Plc raised its position in Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after buying an additional 420 shares in the last quarter. Sei Investments Co. purchased a new position in Benefitfocus during the second quarter worth $133,000. LLBH Private Wealth Management LLC purchased a new position in Benefitfocus during the first quarter worth $209,000. Finally, American International Group Inc. raised its position in Benefitfocus by 7.1% in the first quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock worth $222,000 after buying an additional 523 shares in the last quarter. 83.32% of the stock is currently owned by institutional investors.
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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