Benefitfocus, Inc. (BNFT) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Benefitfocus, Inc. (NASDAQ:BNFT) from a hold rating to a buy rating in a research note released on Tuesday morning. The firm currently has $31.00 price target on the software maker’s stock.
According to Zacks, “Benefitfocus, Inc. offers cloud-based software solutions to consumers, employers, insurance carriers and brokers. The Company’s platform of products and services enable customers to efficiently shop, enroll, manage and exchange benefits information. Benefitfocus, Inc. is based in Charleston, South Carolina. “
Other equities analysts have also issued reports about the company. Raymond James Financial, Inc. lifted their price objective on Benefitfocus from $38.00 to $43.00 and gave the company an outperform rating in a research note on Thursday, July 27th. BidaskClub lowered Benefitfocus from a buy rating to a hold rating in a research note on Monday, July 24th. Chardan Capital lowered Benefitfocus from a buy rating to a neutral rating and reduced their price objective for the company from $36.00 to $30.00 in a research note on Friday, August 4th. Piper Jaffray Companies reaffirmed a buy rating and issued a $43.00 price objective on shares of Benefitfocus in a research note on Friday, August 4th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $35.00 price objective on shares of Benefitfocus in a research note on Tuesday, August 1st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Benefitfocus presently has an average rating of Buy and a consensus price target of $39.00.
Shares of Benefitfocus (NASDAQ:BNFT) traded down 3.012% during mid-day trading on Tuesday, reaching $28.175. 120,927 shares of the company’s stock were exchanged. Benefitfocus has a 52 week low of $24.55 and a 52 week high of $43.30. The stock’s market cap is $874.61 million. The stock has a 50 day moving average price of $35.31 and a 200 day moving average price of $31.10.
Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.09. The firm had revenue of $63.30 million during the quarter, compared to analyst estimates of $62.07 million. The business’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.22) earnings per share. Equities research analysts predict that Benefitfocus will post ($0.30) EPS for the current year.
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Several large investors have recently made changes to their positions in the stock. First Mercantile Trust Co. increased its stake in shares of Benefitfocus by 544.0% in the first quarter. First Mercantile Trust Co. now owns 4,476 shares of the software maker’s stock valued at $125,000 after buying an additional 3,781 shares during the last quarter. Legal & General Group Plc increased its stake in Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after buying an additional 420 shares in the last quarter. Sei Investments Co. acquired a new stake in Benefitfocus during the second quarter valued at about $133,000. LLBH Private Wealth Management LLC acquired a new stake in Benefitfocus during the first quarter valued at about $209,000. Finally, American International Group Inc. increased its stake in Benefitfocus by 7.1% in the first quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock valued at $222,000 after buying an additional 523 shares in the last quarter. Institutional investors and hedge funds own 83.32% of the company’s stock.
Benefitfocus, Inc (Benefitfocus) is a provider of cloud-based benefits management platform for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. The Company 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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