JPMorgan Chase & Co. Purchases 100,291 Shares of Benefitfocus Inc. (BNFT)
JPMorgan Chase & Co. boosted its stake in shares of Benefitfocus Inc. (NASDAQ:BNFT) by 14.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 804,110 shares of the company’s stock after buying an additional 100,291 shares during the period. JPMorgan Chase & Co. owned 2.71% of Benefitfocus worth $30,652,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Societe Generale bought a new stake in Benefitfocus during the second quarter worth about $111,000. SG Americas Securities LLC acquired a new position in shares of Benefitfocus during the second quarter worth $111,000. Fortaleza Asset Management Inc. acquired a new position in shares of Benefitfocus during the second quarter worth $122,000. BlackRock Group LTD increased its position in shares of Benefitfocus by 55.6% in the first quarter. BlackRock Group LTD now owns 6,163 shares of the company’s stock worth $206,000 after buying an additional 2,201 shares during the period. Finally, Quantitative Investment Management LLC increased its position in shares of Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock worth $251,000 after buying an additional 200 shares during the period. 78.96% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Benefitfocus Inc. (NASDAQ:BNFT) traded down 1.70% during midday trading on Tuesday, hitting $38.25. The company had a trading volume of 67,543 shares. The company’s market capitalization is $1.13 billion. Benefitfocus Inc. has a 12-month low of $21.04 and a 12-month high of $44.98. The company’s 50-day moving average price is $41.20 and its 200 day moving average price is $37.69.
Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.15. The business earned $57.90 million during the quarter, compared to the consensus estimate of $56.42 million. During the same period in the previous year, the business posted ($0.53) EPS. Benefitfocus’s revenue was up 35.6% compared to the same quarter last year. Equities research analysts predict that Benefitfocus Inc. will post ($0.95) earnings per share for the current fiscal year.
A number of equities analysts have weighed in on the company. Royal Bank Of Canada boosted their price target on Benefitfocus from $36.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, August 1st. RBC Capital Markets reissued a “sector perform” rating and set a $46.00 price target (up previously from $36.00) on shares of Benefitfocus in a research report on Monday, August 1st. Canaccord Genuity reissued a “buy” rating and set a $48.00 price target on shares of Benefitfocus in a research report on Friday, August 5th. Jefferies Group boosted their price target on Benefitfocus from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Finally, Zacks Investment Research raised Benefitfocus from a “sell” rating to a “hold” rating in a research report on Tuesday, July 5th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Benefitfocus has an average rating of “Buy” and an average target price of $48.22.
In other Benefitfocus news, insider Mason R. Holland, Jr. sold 145,915 shares of the stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $42.18, for a total value of $6,154,694.70. Following the completion of the sale, the insider now owns 22,537 shares in the company, valued at approximately $950,610.66. The transaction was disclosed in a document filed with the SEC, which is available at this link. 45.20% of the stock is currently owned by corporate insiders.
Benefitfocus Company Profile
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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