Benefitfocus Inc (BNFT) Shares Bought by Geode Capital Management LLC
Geode Capital Management LLC grew its stake in Benefitfocus Inc (NASDAQ:BNFT) by 9.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 285,750 shares of the software maker’s stock after acquiring an additional 23,992 shares during the period. Geode Capital Management LLC owned 0.89% of Benefitfocus worth $13,063,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Benefitfocus by 13.6% during the 4th quarter. BlackRock Inc. now owns 1,706,575 shares of the software maker’s stock worth $78,026,000 after buying an additional 204,222 shares during the period. Point72 Asset Management L.P. acquired a new stake in shares of Benefitfocus during the 3rd quarter worth approximately $6,703,000. Castleark Management LLC acquired a new stake in shares of Benefitfocus during the 3rd quarter worth approximately $6,536,000. Lisanti Capital Growth LLC acquired a new stake in shares of Benefitfocus during the 4th quarter worth approximately $2,654,000. Finally, TIAA CREF Investment Management LLC grew its position in shares of Benefitfocus by 32.9% during the 3rd quarter. TIAA CREF Investment Management LLC now owns 113,403 shares of the software maker’s stock worth $4,587,000 after buying an additional 28,092 shares during the period. 86.05% of the stock is owned by institutional investors.
Several brokerages have recently commented on BNFT. BidaskClub upgraded shares of Benefitfocus from a “hold” rating to a “buy” rating in a research report on Wednesday, March 27th. Royal Bank of Canada cut shares of Benefitfocus from an “outperform” rating to a “sector perform” rating and set a $58.00 price target for the company. in a research report on Wednesday, February 27th. Zacks Investment Research upgraded shares of Benefitfocus from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Tuesday, January 15th. Wells Fargo & Co lifted their price target on shares of Benefitfocus from $50.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 19th. Finally, Jefferies Financial Group cut shares of Benefitfocus from a “buy” rating to a “hold” rating and lifted their price target for the stock from $48.00 to $55.00 in a research report on Wednesday, February 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $53.33.
Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings data on Tuesday, February 26th. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.10 by $0.04. The firm had revenue of $74.80 million for the quarter, compared to analyst estimates of $73.03 million. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.06) EPS. Equities analysts forecast that Benefitfocus Inc will post -1.1 EPS for the current year.
In related news, Director Joseph P. Disabato sold 488,211 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $46.80, for a total transaction of $22,848,274.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jonathon E. Dussault sold 7,044 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $47.76, for a total transaction of $336,421.44. Following the transaction, the chief financial officer now owns 74,176 shares of the company’s stock, valued at approximately $3,542,645.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,761,016 shares of company stock valued at $176,054,766. Corporate insiders own 29.00% of the company’s stock.
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Benefitfocus Company Profile
Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, suppliers, and brokers in the United States. The company operates through Employer and Carrier segments. Its products for insurance carriers include BenefitsPlace, a transaction-oriented, marketplace solution; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution that bridges the integration gap between carrier and employer systems; eSales for carriers and brokers tools to organize and manage accounts, track leads, generate quotes, and create proposals for various products; and Core & Advanced Analytics, a data analytics solution.
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