Benefitfocus Inc. (BNFT) CEO Sells $420,300.00 in Stock
Benefitfocus Inc. (NASDAQ:BNFT) CEO Shawn A. Jenkins sold 10,000 shares of Benefitfocus stock in a transaction on Monday, October 10th. The shares were sold at an average price of $42.03, for a total value of $420,300.00. Following the completion of the transaction, the chief executive officer now owns 2,290,896 shares of the company’s stock, valued at $96,286,358.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Shares of Benefitfocus Inc. (NASDAQ:BNFT) opened at 40.00 on Monday. The firm’s 50-day moving average price is $40.24 and its 200-day moving average price is $38.76. The stock’s market capitalization is $1.19 billion. Benefitfocus Inc. has a one year low of $21.04 and a one year high of $44.98.
Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.15. The business earned $57.90 million during the quarter, compared to analyst estimates of $56.42 million. The company’s revenue was up 35.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.53) earnings per share. Equities research analysts anticipate that Benefitfocus Inc. will post ($0.95) EPS for the current fiscal year.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Benefitfocus from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a report on Monday, August 8th. RBC Capital Markets reiterated a “sector perform” rating and issued a $46.00 target price (up from $36.00) on shares of Benefitfocus in a report on Monday, August 1st. Jefferies Group lifted their target price on Benefitfocus from $43.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Royal Bank Of Canada lifted their target price on Benefitfocus from $36.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, August 1st. Finally, Deutsche Bank AG lifted their target price on Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. Benefitfocus currently has an average rating of “Buy” and an average price target of $48.22.
Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in Benefitfocus during the second quarter worth approximately $111,000. Societe Generale purchased a new stake in Benefitfocus during the second quarter worth approximately $111,000. Fortaleza Asset Management Inc. purchased a new stake in Benefitfocus during the second quarter worth approximately $122,000. BlackRock Advisors LLC increased its stake in Benefitfocus by 48.2% in the second quarter. BlackRock Advisors LLC now owns 6,233 shares of the company’s stock worth $238,000 after buying an additional 2,026 shares during the last quarter. Finally, Quantitative Investment Management LLC increased its stake in Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock worth $251,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 78.96% of the company’s stock.
Benefitfocus Company Profile
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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