Pendal Group Ltd trimmed its position in shares of Benefitfocus Inc (NASDAQ:BNFT) by 33.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 40,921 shares of the software maker’s stock after selling 20,158 shares during the quarter. Pendal Group Ltd owned about 0.13% of Benefitfocus worth $1,655,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. Essex Investment Management Co. LLC grew its position in Benefitfocus by 4.5% during the 3rd quarter. Essex Investment Management Co. LLC now owns 44,360 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 1,897 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in Benefitfocus by 59.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 6,581 shares of the software maker’s stock valued at $221,000 after purchasing an additional 2,453 shares during the last quarter. Macquarie Group Ltd. grew its position in Benefitfocus by 4.8% during the 2nd quarter. Macquarie Group Ltd. now owns 54,479 shares of the software maker’s stock valued at $1,830,000 after purchasing an additional 2,505 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Benefitfocus by 16.5% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 20,252 shares of the software maker’s stock valued at $680,000 after purchasing an additional 2,870 shares during the last quarter. Finally, Gagnon Securities LLC grew its position in Benefitfocus by 17.8% during the 2nd quarter. Gagnon Securities LLC now owns 19,384 shares of the software maker’s stock valued at $651,000 after purchasing an additional 2,927 shares during the last quarter. 93.26% of the stock is currently owned by institutional investors.
BNFT opened at $44.18 on Friday. Benefitfocus Inc has a 52-week low of $21.75 and a 52-week high of $45.88.
Benefitfocus (NASDAQ:BNFT) last posted its earnings results on Thursday, November 1st. The software maker reported ($0.23) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.28) by $0.05. The company had revenue of $61.00 million for the quarter, compared to the consensus estimate of $59.91 million. Benefitfocus’s revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.06) EPS. As a group, equities research analysts expect that Benefitfocus Inc will post -1.18 earnings per share for the current year.
BNFT has been the topic of several recent analyst reports. ValuEngine downgraded shares of Benefitfocus from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Jefferies Financial Group reissued a “buy” rating and set a $43.00 price objective on shares of Benefitfocus in a research report on Friday, July 20th. Raymond James increased their price objective on shares of Benefitfocus from $40.00 to $50.00 and gave the company an “outperform” rating in a research report on Friday, August 24th. BidaskClub downgraded shares of Benefitfocus from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 18th. Finally, Guggenheim initiated coverage on shares of Benefitfocus in a research report on Monday, August 20th. They set a “buy” rating and a $45.00 price objective on the stock. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Benefitfocus presently has an average rating of “Buy” and a consensus target price of $40.45.
In other Benefitfocus news, CFO Jonathon E. Dussault sold 4,045 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $36.81, for a total transaction of $148,896.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Francis J. Pelzer sold 5,000 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $42.02, for a total transaction of $210,100.00. Following the transaction, the director now owns 19,275 shares in the company, valued at approximately $809,935.50. The disclosure for this sale can be found here. Insiders have sold a total of 10,295 shares of company stock worth $409,514 in the last 90 days. Company insiders own 29.00% of the company’s stock.
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Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers in the United States. It operates through Employer and Carrier segments. The company's products for insurance carriers include Marketplaces, which are online shopping environments; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution for communication; eSales for carriers and brokers to organize and manage accounts, track leads, generate quotes, and create proposals for products; and Core & Advanced Analytics, a data analytics solution.
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