Benefitfocus, Inc. (BNFT) Upgraded to “Hold” by Zacks Investment Research
Benefitfocus, Inc. (NASDAQ:BNFT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
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. “
A number of other research analysts have also issued reports on BNFT. Canaccord Genuity reissued a “buy” rating and set a $35.00 target price on shares of Benefitfocus in a research note on Tuesday, August 1st. Berenberg Bank reissued a “buy” rating and set a $36.00 target price on shares of Benefitfocus in a research note on Thursday, August 10th. William Blair lowered shares of Benefitfocus from an “outperform” rating to a “market perform” rating in a research note on Friday. Piper Jaffray Companies reissued a “buy” rating and set a $34.00 target price on shares of Benefitfocus in a research note on Friday. Finally, BidaskClub lowered shares of Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $35.38.
Benefitfocus (NASDAQ:BNFT) traded up $0.87 during midday trading on Tuesday, hitting $25.90. 452,262 shares of the stock traded hands, compared to its average volume of 204,272. Benefitfocus has a 1-year low of $22.30 and a 1-year high of $37.10. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of -2.53.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Thursday, November 2nd. The software maker reported ($0.06) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.08. The business had revenue of $62.45 million during the quarter, compared to analyst estimates of $62.19 million. During the same period last year, the firm posted ($0.14) earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. equities analysts forecast that Benefitfocus will post -0.88 EPS for the current year.
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In related news, CEO Shawn A. Jenkins purchased 37,000 shares of the company’s stock in a transaction on Monday, November 6th. The shares were bought at an average cost of $25.27 per share, for a total transaction of $934,990.00. Following the transaction, the chief executive officer now owns 2,782,683 shares of the company’s stock, valued at $70,318,399.41. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 40.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its holdings 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 worth $130,000 after purchasing an additional 420 shares in the last quarter. Sei Investments Co. bought a new stake in shares of Benefitfocus in the 2nd quarter worth approximately $133,000. Aperio Group LLC bought a new stake in shares of Benefitfocus in the 2nd quarter worth approximately $222,000. American International Group Inc. raised 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 purchasing an additional 523 shares in the last quarter. Finally, ETRADE Capital Management LLC bought a new stake in shares of Benefitfocus in the 2nd quarter worth approximately $227,000. Institutional investors and hedge funds own 84.17% of the company’s stock.
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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