Benefitfocus Inc. (BNFT) Trading Down 4.8% on Insider Selling
Benefitfocus Inc. (NASDAQ:BNFT)’s share price fell 4.8% during trading on Thursday following insider selling activity. The stock traded as low as $39.09 and last traded at $39.17, with a volume of 174,646 shares traded. The stock had previously closed at $41.15.
Specifically, COO Raymond Alexander August sold 16,408 shares of the stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $39.66, for a total transaction of $650,741.28. Following the sale, the chief operating officer now owns 198,102 shares of the company’s stock, valued at $7,856,725.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mason R. Holland, Jr. sold 145,915 shares of the stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $42.18, for a total value of $6,154,694.70. Following the sale, the insider now directly owns 22,537 shares in the company, valued at approximately $950,610.66. The disclosure for this sale can be found here. 45.20% of the stock is owned by insiders.
A number of brokerages recently issued reports on BNFT. Royal Bank Of Canada increased their price target on Benefitfocus from $36.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Monday, August 1st. RBC Capital Markets reissued a “sector perform” rating and set a $46.00 price target (up previously from $36.00) on shares of Benefitfocus in a research report on Monday, August 1st. Canaccord Genuity reissued a “buy” rating and set a $48.00 price target on shares of Benefitfocus in a research report on Friday, August 5th. Jefferies Group increased their price target on Benefitfocus from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Finally, Zacks Investment Research raised Benefitfocus from a “sell” rating to a “hold” rating in a research report on Tuesday, July 5th. Five analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $48.22.
The company’s market cap is $1.17 billion. The stock’s 50-day moving average is $40.29 and its 200 day moving average is $38.69.
Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.15. The business earned $57.90 million during the quarter, compared to analysts’ expectations of $56.42 million. During the same period in the previous year, the business earned ($0.53) earnings per share. The business’s quarterly revenue was up 35.6% on a year-over-year basis. On average, equities analysts forecast that Benefitfocus Inc. will post ($0.95) EPS for the current fiscal year.
Institutional investors have recently modified their holdings of the company. Lord Abbett & CO. LLC boosted its position in shares of Benefitfocus by 17.9% in the second quarter. Lord Abbett & CO. LLC now owns 1,221,475 shares of the company’s stock worth $46,563,000 after buying an additional 185,407 shares during the last quarter. GMT Capital Corp acquired a new position in shares of Benefitfocus during the second quarter worth approximately $5,542,000. BlackRock Fund Advisors boosted its position in shares of Benefitfocus by 61.2% in the second quarter. BlackRock Fund Advisors now owns 304,235 shares of the company’s stock worth $11,597,000 after buying an additional 115,486 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Benefitfocus by 14.2% in the second quarter. JPMorgan Chase & Co. now owns 804,110 shares of the company’s stock worth $30,652,000 after buying an additional 100,291 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Benefitfocus by 49.3% in the second quarter. State Street Corp now owns 207,951 shares of the company’s stock worth $7,924,000 after buying an additional 68,679 shares during the last quarter. 78.96% of the stock is owned by institutional investors and hedge funds.
Benefitfocus, Inc (Benefitfocus) provides cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. It 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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