Benefitfocus, Inc. (NASDAQ:BNFT) had its price target hoisted by Raymond James Financial, Inc. from $38.00 to $43.00 in a research note published on Thursday. They currently have an outperform rating on the software maker’s stock.

BNFT has been the subject of several other research reports. William Blair raised Benefitfocus from a market perform rating to an outperform rating in a research report on Thursday, June 1st. Zacks Investment Research raised Benefitfocus from a hold rating to a buy rating and set a $40.00 price objective for the company in a research report on Wednesday, June 28th. Chardan Capital boosted their price objective on Benefitfocus from $31.00 to $36.00 and gave the stock a buy rating in a research report on Friday, April 28th. Finally, BidaskClub cut Benefitfocus from a buy rating to a hold rating in a research report on Monday, July 24th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of Buy and an average price target of $40.13.

Benefitfocus (BNFT) traded down 2.05% during midday trading on Thursday, reaching $35.80. The company’s stock had a trading volume of 80,666 shares. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $44.98. The stock has a 50 day moving average of $35.74 and a 200 day moving average of $31.03. The firm’s market capitalization is $1.11 billion.

Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data on Thursday, April 27th. The software maker reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.02. The business had revenue of $64.10 million for the quarter, compared to analyst estimates of $62.94 million. During the same period in the prior year, the firm posted ($0.29) EPS. Benefitfocus’s revenue for the quarter was up 17.0% on a year-over-year basis. On average, equities research analysts predict that Benefitfocus will post ($0.32) earnings per share for the current fiscal year.

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Institutional investors have recently bought and sold shares of the stock. Citadel Advisors LLC boosted its position in Benefitfocus by 228.5% in the first quarter. Citadel Advisors LLC now owns 407,928 shares of the software maker’s stock valued at $11,401,000 after buying an additional 283,755 shares during the period. State Street Corp boosted its position in Benefitfocus by 1.9% in the fourth quarter. State Street Corp now owns 217,686 shares of the software maker’s stock valued at $6,466,000 after buying an additional 4,162 shares during the period. Wells Fargo & Company MN boosted its position in Benefitfocus by 27.5% in the first quarter. Wells Fargo & Company MN now owns 227,589 shares of the software maker’s stock valued at $6,361,000 after buying an additional 49,073 shares during the period. Capital Impact Advisors LLC purchased a new position in Benefitfocus during the first quarter valued at approximately $1,673,000. Finally, Raymond James Trust N.A. purchased a new position in Benefitfocus during the first quarter valued at approximately $265,000. 83.16% of the stock is owned by hedge funds and other institutional investors.

About Benefitfocus

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.

Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

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