Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

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. “

Several other research analysts have also issued reports on the company. Berenberg Bank reaffirmed a “buy” rating and set a $36.00 target price on shares of Benefitfocus in a research report on Thursday, August 10th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 target price on shares of Benefitfocus in a report on Friday, August 4th. Chardan Capital lowered Benefitfocus from a “buy” rating to a “neutral” rating and reduced their price target for the company from $36.00 to $30.00 in a research report on Friday, August 4th. Canaccord Genuity reiterated a “buy” rating and issued a $35.00 price target on shares of Benefitfocus in a research report on Tuesday, August 1st. Finally, BidaskClub lowered Benefitfocus from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Benefitfocus currently has a consensus rating of “Buy” and an average target price of $39.78.

Shares of Benefitfocus (NASDAQ BNFT) traded up 6.178% during trading on Wednesday, reaching $32.225. The company’s stock had a trading volume of 274,820 shares. Benefitfocus has a 12 month low of $24.55 and a 12 month high of $42.49. The company’s 50 day moving average price is $30.65 and its 200 day moving average price is $31.69. The firm’s market cap is $1.00 billion.

Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The business had revenue of $63.30 million for the quarter, compared to analyst estimates of $62.07 million. During the same quarter last year, the firm posted ($0.22) EPS. Benefitfocus’s revenue for the quarter was up 9.3% on a year-over-year basis. On average, equities analysts predict that Benefitfocus will post ($0.30) earnings per share for the current year.

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Hedge funds have recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Benefitfocus by 70.0% in the 2nd quarter. FMR LLC now owns 4,651,067 shares of the software maker’s stock valued at $169,066,000 after purchasing an additional 1,914,954 shares during the period. Credit Suisse AG boosted its position in shares of Benefitfocus by 4,598.7% during the 1st quarter. Credit Suisse AG now owns 623,144 shares of the software maker’s stock valued at $17,416,000 after purchasing an additional 609,882 shares in the last quarter. Citadel Advisors LLC boosted its position in shares of Benefitfocus by 228.5% during the 1st quarter. Citadel Advisors LLC now owns 407,928 shares of the software maker’s stock valued at $11,401,000 after purchasing an additional 283,755 shares in the last quarter. Oak Ridge Investments LLC boosted its position in shares of Benefitfocus by 199.2% during the 2nd quarter. Oak Ridge Investments LLC now owns 346,805 shares of the software maker’s stock valued at $12,606,000 after purchasing an additional 230,892 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Benefitfocus during the 1st quarter valued at about $4,995,000. 84.63% of the stock is owned by hedge funds and other institutional investors.

Benefitfocus Company Profile

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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