Benefitfocus (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday, Zacks.com reports.
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. "
BNFT has been the topic of several other reports. Piper Sandler dropped their price objective on Benefitfocus from $35.00 to $26.00 in a research note on Thursday, May 7th. Cantor Fitzgerald restated a "buy" rating on shares of Benefitfocus in a research note on Thursday, April 2nd. Goldman Sachs Group raised their price objective on Benefitfocus from $11.00 to $12.00 in a research note on Monday. ValuEngine upgraded Benefitfocus from a "hold" rating to a "buy" rating in a research note on Friday, May 1st. Finally, Wells Fargo & Co decreased their target price on Benefitfocus from $29.00 to $25.00 and set an "overweight" rating for the company in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Benefitfocus presently has an average rating of "Buy" and an average price target of $27.09.
BNFT traded up $0.32 on Tuesday, hitting $10.68. 473,100 shares of the stock were exchanged, compared to its average volume of 564,158. Benefitfocus has a 12 month low of $6.09 and a 12 month high of $28.25. The business has a 50-day moving average of $11.46 and a two-hundred day moving average of $14.07. The firm has a market capitalization of $332.63 million, a price-to-earnings ratio of -8.22 and a beta of 1.57.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported ($0.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.26) by $0.05. The business had revenue of $66.15 million for the quarter, compared to the consensus estimate of $65.96 million. Benefitfocus's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.21) earnings per share. On average, equities analysts expect that Benefitfocus will post -1.04 earnings per share for the current year.
In related news, VP Annmarie Fini sold 3,245 shares of Benefitfocus stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $8.15, for a total value of $26,446.75. Following the completion of the sale, the vice president now owns 51,952 shares of the company's stock, valued at approximately $423,408.80. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO James P. Restivo sold 6,894 shares of Benefitfocus stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $8.15, for a total value of $56,186.10. Following the completion of the sale, the chief technology officer now directly owns 82,506 shares of the company's stock, valued at approximately $672,423.90. The disclosure for this sale can be found here. Company insiders own 10.37% of the company's stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. grew its stake in Benefitfocus by 26.8% in the fourth quarter. Victory Capital Management Inc. now owns 3,713 shares of the software maker's stock worth $69,000 after purchasing an additional 784 shares during the period. Rhumbline Advisers grew its stake in Benefitfocus by 1.4% in the fourth quarter. Rhumbline Advisers now owns 89,506 shares of the software maker's stock worth $1,964,000 after purchasing an additional 1,245 shares during the period. Swiss National Bank grew its stake in Benefitfocus by 2.7% in the fourth quarter. Swiss National Bank now owns 50,100 shares of the software maker's stock worth $1,099,000 after purchasing an additional 1,300 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Benefitfocus by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 185,237 shares of the software maker's stock worth $4,065,000 after purchasing an additional 3,231 shares during the period. Finally, Barclays PLC boosted its holdings in Benefitfocus by 203.2% in the fourth quarter. Barclays PLC now owns 67,802 shares of the software maker's stock worth $1,487,000 after acquiring an additional 45,441 shares in the last quarter. 88.33% of the stock is owned by institutional investors.
Benefitfocus Company Profile
Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, suppliers, and brokers in the United States. The company operates through Employer and Carrier segments. Its products for insurance carriers include BenefitsPlace, a transaction-oriented, marketplace solution; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution that bridges the integration gap between carrier and employer systems; eSales for carriers and brokers tools to organize and manage accounts, track leads, generate quotes, and create proposals for various products; and Core & Advanced Analytics, a data analytics solution.
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