Benefitfocus (NASDAQ:BNFT) Price Target Cut to $24.00

Benefitfocus (NASDAQ:BNFT) had its target price lowered by Royal Bank of Canada to $24.00 in a research note published on Thursday, March 15th, The Fly reports. The firm currently has a sector perform rating on the software maker’s stock.

A number of other equities analysts have also weighed in on the company. BidaskClub upgraded Benefitfocus from a strong sell rating to a sell rating in a research note on Thursday, December 7th. ValuEngine lowered Benefitfocus from a sell rating to a strong sell rating in a research note on Thursday, March 1st. Chardan Capital dropped their target price on Benefitfocus from $28.00 to $27.00 and set a neutral rating on the stock in a research report on Thursday, March 15th. Zacks Investment Research upgraded Benefitfocus from a hold rating to a buy rating and set a $30.00 price objective on the stock in a report on Tuesday, January 2nd. Finally, Jefferies Group lowered their price objective on Benefitfocus to $30.00 and set a buy rating on the stock in a report on Thursday, March 15th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $30.78.

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BNFT stock traded up $0.30 during midday trading on Thursday, reaching $24.65. The stock had a trading volume of 169,493 shares, compared to its average volume of 288,469. The firm has a market capitalization of $772.31, a price-to-earnings ratio of -31.20 and a beta of 0.94. The company has a debt-to-equity ratio of -2.23, a current ratio of 0.96 and a quick ratio of 0.96. Benefitfocus has a 52-week low of $21.75 and a 52-week high of $37.10.

Benefitfocus (NASDAQ:BNFT) last issued its earnings results on Wednesday, March 14th. The software maker reported ($0.06) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.06). The firm had revenue of $66.80 million during the quarter, compared to analysts’ expectations of $66.47 million. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) EPS. equities research analysts expect that Benefitfocus will post -1.27 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. Sei Investments Co. boosted its holdings in shares of Benefitfocus by 65.1% during the 3rd quarter. Sei Investments Co. now owns 6,025 shares of the software maker’s stock worth $203,000 after purchasing an additional 2,375 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Benefitfocus by 22.6% during the 2nd 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 during the period. California State Teachers Retirement System raised its position in shares of Benefitfocus by 11.0% during the 2nd 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 during the period. Peregrine Capital Management LLC raised its position in shares of Benefitfocus by 0.6% during the 4th quarter. Peregrine Capital Management LLC now owns 644,503 shares of the software maker’s stock valued at $17,402,000 after buying an additional 4,033 shares during the period. Finally, MetLife Investment Advisors LLC purchased a new stake in shares of Benefitfocus during the 4th quarter valued at approximately $173,000. Institutional investors and hedge funds own 86.19% of the company’s stock.

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About Benefitfocus

Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers in the United States. It operates through Employer and Carrier segments. The company's products for insurance carriers include Marketplaces, which are online shopping environments; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution for communication; eSales for carriers and brokers to organize and manage accounts, track leads, generate quotes, and create proposals for products; and Core & Advanced Analytics, a data analytics solution.

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