Benefitfocus, Inc. (NASDAQ:BNFT) Expected to Post Quarterly Sales of $62.26 Million
Wall Street analysts expect Benefitfocus, Inc. (NASDAQ:BNFT) to post $62.26 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Benefitfocus’ earnings. The highest sales estimate is $62.47 million and the lowest is $62.18 million. Benefitfocus reported sales of $58.02 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 7.3%. The company is expected to issue its next quarterly earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that Benefitfocus will report full year sales of $62.26 million for the current financial year, with estimates ranging from $256.40 million to $266.00 million. For the next financial year, analysts anticipate that the firm will post sales of $297.98 million per share, with estimates ranging from $287.00 million to $320.00 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Benefitfocus.
Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. The business had revenue of $63.30 million for the quarter, compared to the consensus estimate of $62.07 million. During the same quarter in the prior year, the business posted ($0.22) earnings per share. Benefitfocus’s revenue for the quarter was up 9.3% on a year-over-year basis.
Several equities research analysts recently weighed in on the stock. Berenberg Bank reaffirmed a “buy” rating and set a $36.00 target price on shares of Benefitfocus in a research note on Thursday. Zacks Investment Research raised shares of Benefitfocus from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Tuesday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $43.00 target price on shares of Benefitfocus in a research note on Friday, August 4th. Chardan Capital downgraded shares of Benefitfocus from a “buy” rating to a “neutral” rating and cut their target price for the stock from $36.00 to $30.00 in a research note on Friday, August 4th. Finally, William Blair raised shares of Benefitfocus from a “market perform” rating to an “outperform” rating in a research note on Thursday, June 1st. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $39.00.
Benefitfocus (BNFT) opened at 28.05 on Friday. Benefitfocus has a 1-year low of $24.55 and a 1-year high of $43.25. The company’s market capitalization is $874.57 million. The stock’s 50 day moving average is $34.20 and its 200-day moving average is $30.99.
Several large investors have recently made changes to their positions in BNFT. Legal & General Group Plc increased its stake in shares of Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after buying an additional 420 shares in the last quarter. Sei Investments Co. purchased a new stake in shares of Benefitfocus during the second quarter worth approximately $133,000. First Mercantile Trust Co. increased its stake in shares of Benefitfocus by 544.0% in the first quarter. First Mercantile Trust Co. now owns 4,476 shares of the software maker’s stock worth $125,000 after buying an additional 3,781 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of Benefitfocus during the second quarter worth approximately $222,000. Finally, ETRADE Capital Management LLC purchased a new stake in shares of Benefitfocus during the second quarter worth approximately $227,000. 83.32% of the stock is currently owned by 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.
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