Benefitfocus, Inc. (NASDAQ:BNFT) Downgraded by Zacks Investment Research
Benefitfocus, Inc. (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday, October 4th.
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. “
Other equities analysts have also recently issued reports about the company. Raymond James Financial, Inc. raised their price objective on Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. BidaskClub cut Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Chardan Capital cut Benefitfocus from a “buy” rating to a “neutral” rating and cut their target price for the company from $36.00 to $30.00 in a research note on Friday, August 4th. Piper Jaffray Companies reiterated a “buy” rating and issued a $43.00 target price on shares of Benefitfocus in a research note on Friday, August 4th. Finally, Berenberg Bank reiterated a “buy” rating and issued a $36.00 target price on shares of Benefitfocus in a research note on Thursday, August 10th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Benefitfocus currently has a consensus rating of “Buy” and an average target price of $39.78.
Benefitfocus (NASDAQ:BNFT) traded up 2.43% during midday trading on Wednesday, reaching $31.65. 148,391 shares of the company were exchanged. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $40.20. The company’s market capitalization is $986.82 million. The firm has a 50-day moving average price of $31.28 and a 200-day moving average price of $31.89.
Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. The firm had revenue of $63.30 million for the quarter, compared to the consensus estimate of $62.07 million. During the same quarter last year, the business earned ($0.22) earnings per share. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. Equities research analysts anticipate that Benefitfocus will post ($0.30) earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its holdings in shares of Benefitfocus by 13.2% during the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after purchasing an additional 420 shares during the period. Sei Investments Co. acquired a new position in Benefitfocus during the second quarter worth about $133,000. Aperio Group LLC acquired a new position in Benefitfocus during the second quarter worth about $222,000. ETRADE Capital Management LLC acquired a new position in Benefitfocus during the second quarter worth about $227,000. Finally, Voya Investment Management LLC acquired a new position in Benefitfocus during the second quarter worth about $245,000. 84.63% 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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