Benefitfocus Inc. (NASDAQ:BNFT) dropped 3.9% during trading on Friday . The stock 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.

BNFT has been the subject of several analyst reports. Canaccord Genuity reiterated a “buy” rating and issued a $44.00 price objective on shares of Benefitfocus in a research note on Thursday, May 5th. William Blair lowered shares of Benefitfocus from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 5th. Zacks Investment Research lowered shares of 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 shares of Benefitfocus in a research note on Monday, May 23rd. They set a “neutral” rating and a $38.00 price target for the company. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $43.38.

The firm’s 50-day moving average price is $40.15 and its 200-day moving average price is $34.37. The firm’s market capitalization is $1.26 billion.

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

In other news, Director Douglas Dennerline sold 3,200 shares of the company’s stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $31.85, for a total value of $101,920.00. Following the transaction, the director now owns 13,819 shares in the company, valued at $440,135.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Francis J. Pelzer sold 1,530 shares of the company’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 transaction, the director now owns 15,636 shares in the company, valued at approximately $618,247.44. The disclosure for this sale can be found here.

Several hedge funds and institutional investors have recently modified their holdings of the company. OppenheimerFunds Inc. increased its position in shares of Benefitfocus by 13.2% in the fourth quarter. OppenheimerFunds Inc. now owns 471,237 shares of the company’s stock valued at $17,148,000 after buying an additional 55,077 shares in the last quarter. New York State Common Retirement Fund increased its position 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 valued at $5,574,000 after buying an additional 41,452 shares in the last quarter. Russell Frank Co increased its position in shares of Benefitfocus by 207.8% in the fourth quarter. Russell Frank Co now owns 46,694 shares of the company’s stock valued at $1,751,000 after buying an additional 31,524 shares in the last quarter. Dimensional Fund Advisors LP purchased a new position in shares of Benefitfocus during the fourth quarter valued at about $1,065,000. Finally, Wells Fargo & Company MN increased its position 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 valued at $16,762,000 after buying an additional 19,627 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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