Benefitfocus (BNFT) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Benefitfocus (NASDAQ:BNFT) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $30.00 price target on the software maker’s stock.
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 analysts have also commented on the company. BidaskClub raised Benefitfocus from a strong sell rating to a sell rating in a research note on Thursday, December 7th. Piper Jaffray Companies reaffirmed a buy rating and issued a $34.00 price target on shares of Benefitfocus in a research note on Friday, November 3rd. William Blair lowered Benefitfocus from an outperform rating to a market perform rating in a research note on Friday, November 3rd. Finally, Canaccord Genuity reiterated a buy rating and issued a $34.00 price objective on shares of Benefitfocus in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $34.38.
Shares of Benefitfocus (NASDAQ:BNFT) traded down $0.65 during mid-day trading on Tuesday, reaching $26.10. The company had a trading volume of 219,805 shares, compared to its average volume of 189,300. Benefitfocus has a 12 month low of $22.30 and a 12 month high of $37.10. The stock has a market capitalization of $810.67, a price-to-earnings ratio of -30.71 and a beta of 1.12. The company has a debt-to-equity ratio of -2.39, a current ratio of 1.08 and a quick ratio of 1.08.
Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings results on Thursday, November 2nd. The software maker reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.08. The business had revenue of $62.45 million during the quarter, compared to analysts’ expectations of $62.19 million. During the same period in the previous year, the business earned ($0.14) EPS. The business’s revenue was up 7.6% compared to the same quarter last year. research analysts predict that Benefitfocus will post -0.81 EPS for the current year.
In other news, CEO Shawn A. Jenkins acquired 37,000 shares of the firm’s stock in a transaction on Monday, November 6th. The stock was acquired at an average price of $25.27 per share, for a total transaction of $934,990.00. Following the completion of the acquisition, the chief executive officer now owns 2,782,683 shares in the company, valued at $70,318,399.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 40.10% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the company. FMR LLC increased its holdings in shares of Benefitfocus by 70.0% during the second quarter. FMR LLC now owns 4,651,067 shares of the software maker’s stock valued at $169,066,000 after acquiring an additional 1,914,954 shares in the last quarter. Bamco Inc. NY increased its holdings in shares of Benefitfocus by 0.6% during the second quarter. Bamco Inc. NY now owns 4,247,487 shares of the software maker’s stock valued at $154,396,000 after acquiring an additional 24,954 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Benefitfocus by 11.7% during the second quarter. Vanguard Group Inc. now owns 1,238,539 shares of the software maker’s stock valued at $45,021,000 after acquiring an additional 129,829 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Benefitfocus by 3.0% during the second quarter. Artisan Partners Limited Partnership now owns 968,092 shares of the software maker’s stock valued at $35,190,000 after acquiring an additional 28,491 shares in the last quarter. Finally, Discovery Group I LLC increased its holdings in shares of Benefitfocus by 77.7% during the third quarter. Discovery Group I LLC now owns 749,850 shares of the software maker’s stock valued at $25,232,000 after acquiring an additional 327,845 shares in the last quarter. Hedge funds and other institutional investors own 85.61% of the company’s stock.
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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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