Brokerages Anticipate Benefitfocus, Inc. (BNFT) Will Post Quarterly Sales of $62.26 Million
Wall Street analysts predict that Benefitfocus, Inc. (NASDAQ:BNFT) will report $62.26 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Benefitfocus’ earnings, with the highest sales estimate coming in at $62.47 million and the lowest estimate coming in at $62.18 million. Benefitfocus posted sales of $58.02 million during the same quarter last year, which suggests a positive year over year growth rate of 7.3%. The firm is scheduled to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that Benefitfocus will report full year sales of $62.26 million for the current financial year, with estimates ranging from $256.40 million to $257.34 million. For the next year, analysts expect that the company will post sales of $289.35 million per share, with estimates ranging from $287.00 million to $293.70 million. Zacks’ sales calculations are an average based on a survey of research firms that cover Benefitfocus.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.09. The company had revenue of $63.30 million during the quarter, compared to the consensus estimate of $62.07 million. The company’s revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.22) earnings per share.
Several research analysts recently issued reports on the stock. Berenberg Bank reissued a “buy” rating and set a $36.00 target price on shares of Benefitfocus in a research note on Thursday, August 10th. Zacks Investment Research raised shares of Benefitfocus from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a research note on Tuesday, August 8th. Raymond James Financial, Inc. increased their target price on shares of Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Piper Jaffray Companies reissued a “buy” rating and set a $43.00 target price on shares of Benefitfocus in a research note on Friday, August 4th. Finally, Chardan Capital lowered shares of Benefitfocus from a “buy” rating to a “neutral” rating and cut their target price for the stock from $36.00 to $30.00 in a research note on Friday, August 4th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $39.00.
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Several institutional investors have recently added to or reduced their stakes in the business. Lord Abbett & CO. LLC bought a new position in shares of Benefitfocus in the second quarter valued at $463,000. California State Teachers Retirement System lifted its stake in shares of Benefitfocus by 11.0% in the second quarter. California State Teachers Retirement System now owns 28,198 shares of the software maker’s stock valued at $1,025,000 after buying an additional 2,800 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Benefitfocus by 22.6% in the second quarter. The Manufacturers Life Insurance Company now owns 13,092 shares of the software maker’s stock valued at $476,000 after buying an additional 2,410 shares in the last quarter. State Street Corp lifted its stake in shares of Benefitfocus by 19.1% in the second quarter. State Street Corp now owns 268,724 shares of the software maker’s stock valued at $9,765,000 after buying an additional 43,136 shares in the last quarter. Finally, Gotham Asset Management LLC bought a new position in shares of Benefitfocus in the second quarter valued at $260,000. 84.63% of the stock is currently owned by hedge funds and other institutional investors.
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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