Benefitfocus, Inc. (BNFT) Stake Boosted by New York State Common Retirement Fund
New York State Common Retirement Fund raised its position in shares of Benefitfocus, Inc. (NASDAQ:BNFT) by 3.0% during the third quarter, Holdings Channel reports. The institutional investor owned 184,995 shares of the company’s stock after buying an additional 5,474 shares during the period. New York State Common Retirement Fund’s holdings in Benefitfocus were worth $7,385,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of BNFT. Victory Capital Management Inc. purchased a new position in shares of Benefitfocus during the third quarter worth about $47,520,000. RS Investment Management Co. LLC raised its position in shares of Benefitfocus by 1.1% in the second quarter. RS Investment Management Co. LLC now owns 1,137,461 shares of the company’s stock worth $43,360,000 after buying an additional 12,183 shares during the period. Peregrine Capital Management LLC purchased a new position in shares of Benefitfocus during the third quarter worth about $21,066,000. Manning & Napier Advisors LLC raised its position in shares of Benefitfocus by 12.0% in the third quarter. Manning & Napier Advisors LLC now owns 305,893 shares of the company’s stock worth $12,210,000 after buying an additional 32,750 shares during the period. Finally, Nationwide Fund Advisors raised its position in shares of Benefitfocus by 13.1% in the second quarter. Nationwide Fund Advisors now owns 50,440 shares of the company’s stock worth $1,923,000 after buying an additional 5,852 shares during the period. Institutional investors own 80.45% of the company’s stock.
Benefitfocus, Inc. (NASDAQ:BNFT) opened at 31.80 on Friday. The company’s 50-day moving average is $29.21 and its 200 day moving average is $36.39. Benefitfocus, Inc. has a 12 month low of $21.04 and a 12 month high of $44.98. The firm’s market cap is $946.05 million.
Benefitfocus (NASDAQ:BNFT) last released its earnings results on Thursday, November 3rd. The company reported ($0.29) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.32) by $0.03. The company had revenue of $52 million for the quarter, compared to analyst estimates of $57.68 million. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.46) EPS. On average, equities research analysts predict that Benefitfocus, Inc. will post ($0.77) earnings per share for the current year.
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A number of analysts recently commented on the stock. Jefferies Group reissued a “buy” rating and set a $50.00 price objective on shares of Benefitfocus in a report on Tuesday, November 1st. Chardan Capital assumed coverage on shares of Benefitfocus in a report on Friday, January 6th. They set a “buy” rating and a $36.00 price objective on the stock. Deutsche Bank AG reissued a “buy” rating and set a $65.00 price objective (up previously from $45.00) on shares of Benefitfocus in a report on Friday, November 4th. Finally, Raymond James Financial, Inc. reaffirmed an “outperform” rating and issued a $34.00 price target (down previously from $56.00) on shares of Benefitfocus in a report on Friday, November 4th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $45.90.
In other Benefitfocus news, Director Stephen M. Swad acquired 3,000 shares of the stock in a transaction dated Monday, November 7th. The shares were bought at an average price of $26.43 per share, with a total value of $79,290.00. Following the purchase, the director now directly owns 33,340 shares of the company’s stock, valued at approximately $881,176.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 45.20% of the stock is currently owned by insiders.
Benefitfocus, Inc (Benefitfocus) provides cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. It 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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