Zacks Investment Research Upgrades Benefitfocus, Inc. (BNFT) to Buy
Benefitfocus, Inc. (NASDAQ:BNFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $38.00 price objective on the software maker’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 25.21% from the stock’s current price.
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 research analysts also recently commented on BNFT. Canaccord Genuity reissued a “buy” rating and issued a $35.00 price objective on shares of Benefitfocus in a research note on Tuesday, August 1st. BidaskClub cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Chardan Capital cut shares of Benefitfocus from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $36.00 to $30.00 in a research note on Friday, August 4th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 target price on shares of Benefitfocus in a research note on Friday, August 4th. Finally, Raymond James Financial, Inc. upped their target price on shares of Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Benefitfocus currently has an average rating of “Buy” and an average price target of $39.78.
Benefitfocus (NASDAQ BNFT) traded down 10.07% during mid-day trading on Tuesday, hitting $30.35. 327,187 shares of the stock were exchanged. The stock’s market cap is $946.28 million. The stock’s 50 day moving average is $30.60 and its 200 day moving average is $31.66. Benefitfocus has a 52-week low of $24.55 and a 52-week high of $42.49.
Benefitfocus (NASDAQ:BNFT) last released its earnings results on Thursday, August 3rd. The software maker reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.09. The firm had revenue of $63.30 million during the quarter, compared to analysts’ expectations of $62.07 million. The business’s revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.22) EPS. Analysts forecast that Benefitfocus will post ($0.30) EPS for the current fiscal year.
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Several institutional investors and hedge funds have recently modified their holdings of BNFT. Legal & General Group Plc raised its holdings in shares of Benefitfocus by 13.2% during the 2nd quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after acquiring an additional 420 shares during the period. American International Group Inc. boosted its position in shares of Benefitfocus by 7.1% during the 1st quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock valued at $222,000 after acquiring an additional 523 shares during the last quarter. Bank of New York Mellon Corp grew its holdings 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 purchasing an additional 632 shares during the period. Teachers Advisors LLC grew its holdings in shares of Benefitfocus by 5.3% in the fourth quarter. Teachers Advisors LLC now owns 21,537 shares of the software maker’s stock valued at $640,000 after purchasing an additional 1,087 shares during the period. Finally, Nationwide Fund Advisors grew its holdings in shares of Benefitfocus by 20.6% in the second quarter. Nationwide Fund Advisors now owns 9,029 shares of the software maker’s stock valued at $328,000 after purchasing an additional 1,542 shares during the period. 84.63% of the stock is 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.
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