Zacks Investment Research upgraded shares of Benefitfocus, Inc. (NASDAQ:BNFT) from a sell rating to a hold rating in a report released on Tuesday.

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. “

Several other research analysts have also recently issued reports on the company. Piper Jaffray Companies reissued a buy rating and issued a $34.00 target price on shares of Benefitfocus in a research report on Friday, November 3rd. William Blair cut Benefitfocus from an outperform rating to a market perform rating in a research report on Friday, November 3rd. Canaccord Genuity reissued a buy rating and issued a $34.00 target price on shares of Benefitfocus in a research report on Monday, October 30th. Berenberg Bank reissued a buy rating and issued a $36.00 target price on shares of Benefitfocus in a research report on Thursday, August 10th. Finally, Chardan Capital cut Benefitfocus from a buy rating to a neutral rating and dropped their target price for the stock from $36.00 to $30.00 in a research report on Friday, August 4th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of Buy and a consensus price target of $35.38.

Shares of Benefitfocus (NASDAQ:BNFT) opened at $25.85 on Tuesday. The company has a debt-to-equity ratio of -2.39, a quick ratio of 1.12 and a current ratio of 1.08. Benefitfocus has a 12-month low of $22.30 and a 12-month high of $37.10.

Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings data on Thursday, November 2nd. The software maker reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $62.45 million for the quarter, compared to analysts’ expectations of $62.19 million. During the same period last year, the business earned ($0.14) earnings per share. The company’s quarterly revenue was up 7.6% on a year-over-year basis. analysts anticipate that Benefitfocus will post -0.81 earnings per share for the current year.

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In related news, CEO Shawn A. Jenkins acquired 37,000 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were purchased at an average price of $25.27 per share, with a total value of $934,990.00. Following the completion of the purchase, the chief executive officer now directly owns 2,782,683 shares of the company’s stock, valued at $70,318,399.41. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 40.10% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Legal & General Group Plc raised its stake in shares of Benefitfocus by 13.2% in the second quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock worth $130,000 after buying an additional 420 shares during the period. Sei Investments Co. bought a new position in shares of Benefitfocus in the second quarter worth about $133,000. Aperio Group LLC bought a new position in shares of Benefitfocus in the second quarter worth about $222,000. American International Group Inc. raised its stake in shares of Benefitfocus by 7.1% in the first quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock worth $222,000 after buying an additional 523 shares during the period. Finally, ETRADE Capital Management LLC bought a new position in shares of Benefitfocus in the second quarter worth about $227,000. 84.17% of the stock is currently owned by hedge funds and other institutional investors.

Benefitfocus Company Profile

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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Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

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