Benefitfocus, Inc. (BNFT) Cut to “Hold” at Zacks Investment Research
Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
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. “
BNFT has been the subject of several other reports. Raymond James Financial, Inc. raised their price objective on shares of Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. BidaskClub lowered shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 target price on shares of Benefitfocus in a report on Tuesday, August 1st. Chardan Capital cut shares of Benefitfocus from a “buy” rating to a “neutral” rating and dropped their price target for the company from $36.00 to $30.00 in a research note on Friday, August 4th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $43.00 price target on shares of Benefitfocus in a research note on Friday, August 4th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $39.78.
Shares of Benefitfocus (NASDAQ BNFT) traded up 6.178% during trading on Wednesday, reaching $32.225. 274,820 shares of the company traded hands. The firm has a 50 day moving average of $30.65 and a 200 day moving average of $31.69. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $42.49. The stock’s market capitalization is $1.00 billion.
Benefitfocus (NASDAQ:BNFT) last announced its quarterly 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 for the quarter, compared to analyst estimates of $62.07 million. The company’s revenue was up 9.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.22) EPS. On average, equities analysts predict that Benefitfocus will post ($0.30) EPS for the current year.
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Several institutional investors and hedge funds have recently made changes to their positions in BNFT. Legal & General Group Plc raised its stake in shares of Benefitfocus by 13.2% in the 2nd quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after acquiring an additional 420 shares during the period. Sei Investments Co. acquired a new position in shares of Benefitfocus in the 2nd quarter worth approximately $133,000. American International Group Inc. lifted its holdings in shares of Benefitfocus by 7.1% in the 1st quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock worth $222,000 after acquiring an additional 523 shares during the last quarter. Aperio Group LLC acquired a new position in shares of Benefitfocus in the 2nd quarter worth approximately $222,000. Finally, ETRADE Capital Management LLC acquired a new position in shares of Benefitfocus in the 2nd quarter worth approximately $227,000. Institutional investors and hedge funds own 84.63% 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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