Benefitfocus (NASDAQ:BNFT) Lowered to “Neutral” at Piper Sandler

Benefitfocus (NASDAQ:BNFTGet Rating) was downgraded by research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They currently have a $9.00 price objective on the software maker’s stock, down from their previous price objective of $16.00. Piper Sandler’s price target would indicate a potential upside of 11.39% from the stock’s previous close.

A number of other research firms have also commented on BNFT. JPMorgan Chase & Co. reduced their price objective on shares of Benefitfocus from $13.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 2nd. StockNews.com assumed coverage on shares of Benefitfocus in a research note on Thursday, March 31st. They set a “buy” rating on the stock.

Shares of NASDAQ BNFT opened at $8.08 on Wednesday. Benefitfocus has a 52-week low of $7.63 and a 52-week high of $14.81. The firm has a 50 day moving average price of $9.58 and a two-hundred day moving average price of $10.40. The stock has a market cap of $274.42 million, a P/E ratio of -6.91 and a beta of 1.66.

Benefitfocus (NASDAQ:BNFTGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The software maker reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.14. The firm had revenue of $61.20 million during the quarter, compared to the consensus estimate of $60.74 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. On average, analysts expect that Benefitfocus will post -0.17 EPS for the current year.

In related news, major shareholder Indaba Capital Management, L.P acquired 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 28th. The stock was acquired at an average price of $12.72 per share, for a total transaction of $1,272,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alpana Wegner sold 2,375 shares of the firm’s stock in a transaction dated Friday, April 1st. The stock was sold at an average price of $12.47, for a total transaction of $29,616.25. Following the sale, the chief financial officer now owns 229,568 shares of the company’s stock, valued at approximately $2,862,712.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,113 shares of company stock valued at $430,363. 14.86% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Counterpoint Mutual Funds LLC bought a new position in shares of Benefitfocus in the fourth quarter valued at approximately $27,000. Metropolitan Life Insurance Co NY lifted its position in Benefitfocus by 80.7% during the third quarter. Metropolitan Life Insurance Co NY now owns 6,722 shares of the software maker’s stock valued at $75,000 after purchasing an additional 3,003 shares during the last quarter. Squarepoint Ops LLC bought a new stake in Benefitfocus during the third quarter valued at approximately $138,000. MetLife Investment Management LLC lifted its position in Benefitfocus by 55.4% during the first quarter. MetLife Investment Management LLC now owns 13,846 shares of the software maker’s stock valued at $175,000 after purchasing an additional 4,937 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Benefitfocus during the first quarter valued at approximately $185,000. Hedge funds and other institutional investors own 83.40% of the company’s stock.

Benefitfocus Company Profile (Get Rating)

Benefitfocus, Inc provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based benefits management portal that streamlines online enrollment, employee communication, and benefit administration; Health Insights, a data analytics solution; ACA Management and Reporting, a solution for employers to manage ACA compliance; Billing & Payments, an application that synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments, and enhance accuracy of payments; and COBRA Administration, a solution that simplifies management of Consolidated Omnibus Budget Reconciliation Act, benefits.

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