Benefitfocus Inc. (NASDAQ:BNFT) shares were down 3.9% on Friday . The company traded as low as $40.50 and last traded at $42.76, with a volume of 229,367 shares trading hands. The stock had previously closed at $44.49.

A number of research analysts have weighed in on BNFT shares. Canaccord Genuity restated a “buy” rating and issued a $44.00 price target on shares of Benefitfocus in a research note on Thursday, May 5th. William Blair downgraded Benefitfocus from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 5th. Zacks Investment Research downgraded Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, May 9th. Finally, Goldman Sachs Group Inc. started coverage on Benefitfocus in a research note on Monday, May 23rd. They issued a “neutral” rating and a $38.00 price target for the company. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $43.38.

The firm has a 50 day moving average of $40.05 and a 200-day moving average of $34.29. The stock’s market capitalization is $1.26 billion.

Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.11. The firm had revenue of $54.79 million for the quarter, compared to analyst estimates of $54.40 million. During the same period last year, the company posted ($0.48) earnings per share. The firm’s quarterly revenue was up 28.4% compared to the same quarter last year. Equities analysts predict that Benefitfocus Inc. will post ($1.06) earnings per share for the current year.

In other Benefitfocus news, Director Francis J. Pelzer sold 1,530 shares of the business’s stock in a transaction that occurred on Friday, June 17th. The stock was sold at an average price of $39.54, for a total transaction of $60,496.20. Following the completion of the sale, the director now directly owns 15,636 shares of the company’s stock, valued at approximately $618,247.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas Dennerline sold 3,200 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $31.85, for a total value of $101,920.00. Following the sale, the director now directly owns 13,819 shares of the company’s stock, valued at $440,135.15. The disclosure for this sale can be found here.

A number of hedge funds recently modified their holdings of the company. OppenheimerFunds Inc. raised 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. Wells Fargo & Company MN raised its stake in shares of Benefitfocus by 4.5% in the fourth quarter. Wells Fargo & Company MN now owns 460,617 shares of the company’s stock worth $16,762,000 after buying an additional 19,627 shares in the last quarter. New York State Common Retirement Fund raised 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. Russell Frank Co raised 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. Finally, Nationwide Fund Advisors raised 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.

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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