Benefitfocus, Inc. (BNFT) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Benefitfocus, Inc. (NASDAQ:BNFT) from a hold rating to a buy rating in a research note released on Tuesday morning. The brokerage currently has $38.00 price target on the software maker’s stock.
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. “
A number of other research firms have also recently issued reports on BNFT. Canaccord Genuity reaffirmed a buy rating and issued a $35.00 price target on shares of Benefitfocus in a report on Tuesday, August 1st. BidaskClub lowered shares of Benefitfocus from a buy rating to a hold rating in a report on Monday, July 24th. Chardan Capital lowered shares of Benefitfocus from a buy rating to a neutral rating and decreased their price objective for the stock from $36.00 to $30.00 in a report on Friday, August 4th. Piper Jaffray Companies restated a buy rating and issued a $43.00 price objective on shares of Benefitfocus in a research report on Friday, August 4th. Finally, Raymond James Financial, Inc. boosted their target price on shares of Benefitfocus from $38.00 to $43.00 and gave the stock an outperform rating in a research note on Thursday, July 27th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $39.78.
Shares of Benefitfocus (NASDAQ:BNFT) traded up 6.92% on Tuesday, hitting $32.45. The stock had a trading volume of 196,048 shares. The company’s market cap is $1.01 billion. The firm has a 50 day moving average price of $30.65 and a 200-day moving average price of $31.69. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $42.49.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.09. The business had revenue of $63.30 million during the quarter, compared to analyst estimates of $62.07 million. Benefitfocus’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.22) EPS. Analysts anticipate that Benefitfocus will post ($0.30) EPS for the current year.
Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc grew its holdings in Benefitfocus by 13.2% during the 2nd quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after acquiring an additional 420 shares during the period. Sei Investments Co. bought a new position in shares of Benefitfocus in the 2nd quarter worth $133,000. American International Group Inc. boosted its position in shares of Benefitfocus by 7.1% in the 1st quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock worth $222,000 after purchasing an additional 523 shares during the last quarter. Aperio Group LLC bought a new position in shares of Benefitfocus in the 2nd quarter worth $222,000. Finally, ETRADE Capital Management LLC bought a new position in shares of Benefitfocus in the 2nd quarter worth $227,000. 84.63% of the stock is currently owned by hedge funds and other institutional investors.
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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