Shares of Benefitfocus Inc. (NASDAQ:BNFT) shot up 4.7% during mid-day trading on Thursday . The company traded as high as $38.65 and last traded at $38.65, with a volume of 67,270 shares trading hands. The stock had previously closed at $36.90.

A number of brokerages have issued reports on BNFT. Deutsche Bank AG reiterated a “buy” rating on shares of Benefitfocus in a report on Saturday, March 12th. William Blair downgraded shares of Benefitfocus from an “outperform” rating to a “market perform” rating in a report on Thursday, May 5th. Zacks Investment Research upgraded shares of Benefitfocus from a “sell” rating to a “hold” rating in a report on Wednesday, May 25th. Canaccord Genuity restated a “buy” rating and issued a $44.00 target price on shares of Benefitfocus in a report on Thursday, May 5th. Finally, Goldman Sachs Group Inc. assumed coverage on shares of Benefitfocus in a report on Monday, May 23rd. They issued a “neutral” rating and a $38.00 target price on the stock. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $43.38.

The company’s 50-day moving average is $37.81 and its 200 day moving average is $33.58. The stock’s market cap is $1.17 billion.

Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data on Wednesday, May 4th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.11. During the same period in the previous year, the business earned ($0.48) earnings per share. The company had revenue of $54.79 million for the quarter, compared to analysts’ expectations of $54.40 million. The business’s revenue for the quarter was up 28.4% on a year-over-year basis. Analysts predict that Benefitfocus Inc. will post ($1.06) earnings per share for the current fiscal year.

In related news, Director Douglas Dennerline sold 3,200 shares of the firm’s stock in a transaction dated Friday, May 6th. The shares were sold at an average price of $31.85, for a total transaction of $101,920.00. Following the completion of the sale, the director now directly owns 13,819 shares in the company, valued at $440,135.15. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Stephen M. Swad acquired 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 10th. The shares were purchased at an average price of $32.90 per share, with a total value of $65,800.00. Following the completion of the transaction, the director now owns 25,063 shares of the company’s stock, valued at approximately $824,572.70. The disclosure for this purchase can be found here.

A number of large investors have recently added to or reduced their stakes in BNFT. Russell Frank Co boosted its stake in shares of Benefitfocus by 207.8% in the fourth quarter. Russell Frank Co now owns 46,694 shares of the company’s stock worth $1,751,000 after buying an additional 31,524 shares in the last quarter. Nationwide Fund Advisors boosted its stake in shares of Benefitfocus by 22.1% in the fourth quarter. Nationwide Fund Advisors now owns 41,748 shares of the company’s stock worth $1,519,000 after buying an additional 7,546 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Benefitfocus by 37.1% in the fourth quarter. New York State Common Retirement Fund now owns 153,178 shares of the company’s stock worth $5,574,000 after buying an additional 41,452 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Benefitfocus by 1,866.6% in the fourth quarter. Teacher Retirement System of Texas now owns 38,152 shares of the company’s stock worth $1,388,000 after buying an additional 36,212 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in shares of Benefitfocus by 13.2% in the fourth quarter. OppenheimerFunds Inc. now owns 471,237 shares of the company’s stock worth $17,148,000 after buying an additional 55,077 shares in the last quarter.

Benefitfocus, Inc (Benefitfocus) is a provider of cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus platform provides solutions that enable the Company’s employer and insurance carrier customers to shop, enroll, manage and exchange benefits information.

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