State Board of Administration of Florida Retirement System Trims Holdings in Benefitfocus Inc (BNFT)
State Board of Administration of Florida Retirement System decreased its position in Benefitfocus Inc (NASDAQ:BNFT) by 12.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,410 shares of the software maker’s stock after selling 2,090 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Benefitfocus were worth $714,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 valued at $78,026,000 after purchasing an additional 204,222 shares during the last quarter. Pier Capital LLC bought a new position in shares of Benefitfocus during the 1st quarter valued at approximately $9,542,000. D. E. Shaw & Co. Inc. increased its position in shares of Benefitfocus by 250.8% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 265,438 shares of the software maker’s stock valued at $12,136,000 after purchasing an additional 189,763 shares during the last quarter. Two Sigma Investments LP increased its position in shares of Benefitfocus by 126.9% during the 4th quarter. Two Sigma Investments LP now owns 304,197 shares of the software maker’s stock valued at $13,908,000 after purchasing an additional 170,131 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Benefitfocus by 189.4% during the 4th quarter. Two Sigma Advisers LP now owns 145,000 shares of the software maker’s stock valued at $6,629,000 after purchasing an additional 94,900 shares during the last quarter. 98.59% of the stock is currently owned by institutional investors and hedge funds.
In other Benefitfocus news, insider Raymond Alexander August acquired 3,200 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $31.15 per share, for a total transaction of $99,680.00. Following the acquisition, the insider now directly owns 511,925 shares in the company, valued at $15,946,463.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James P. Restivo sold 8,646 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $47.51, for a total value of $410,771.46. Following the transaction, the insider now owns 65,660 shares of the company’s stock, valued at approximately $3,119,506.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 504,401 shares of company stock valued at $23,617,030. 9.70% of the stock is owned by company insiders.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data on Wednesday, May 1st. The software maker reported ($0.21) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.01). The company had revenue of $68.30 million during the quarter, compared to the consensus estimate of $67.77 million. During the same period in the prior year, the firm posted ($0.26) EPS. The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. As a group, equities analysts expect that Benefitfocus Inc will post -1.6 earnings per share for the current year.
Several equities analysts have recently weighed in on BNFT shares. Cantor Fitzgerald reissued a “buy” rating and set a $60.00 target price on shares of Benefitfocus in a research report on Wednesday, May 1st. BidaskClub downgraded Benefitfocus from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 28th. ValuEngine downgraded Benefitfocus from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 3rd. Zacks Investment Research raised Benefitfocus from a “sell” rating to a “hold” rating in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group downgraded Benefitfocus from a “buy” rating to a “hold” rating and boosted their target price for the company from $48.00 to $55.00 in a research report on Wednesday, February 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $53.73.
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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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