Benefitfocus (NASDAQ:BNFT) had its price target hoisted by Wedbush from $42.00 to $44.00 in a research note issued to investors on Friday. The brokerage currently has an outperform rating on the software maker’s stock.
Several other analysts have also issued reports on the company. Piper Jaffray Companies reissued an overweight rating and set a $49.00 target price on shares of Benefitfocus in a report on Friday. Jefferies Financial Group increased their target price on Benefitfocus to $48.00 and gave the stock a buy rating in a report on Friday. BidaskClub upgraded Benefitfocus from a hold rating to a buy rating in a research report on Thursday. Raymond James upped their price objective on Benefitfocus from $40.00 to $50.00 and gave the stock an outperform rating in a research report on Friday, August 24th. Finally, Guggenheim assumed coverage on Benefitfocus in a research report on Monday, August 20th. They set a buy rating and a $45.00 price objective for the company. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Benefitfocus currently has an average rating of Buy and an average price target of $39.73.
BNFT opened at $39.53 on Friday. Benefitfocus has a 52-week low of $21.75 and a 52-week high of $45.88.
Benefitfocus (NASDAQ:BNFT) last released its earnings results on Thursday, November 1st. The software maker reported ($0.23) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.05. The company had revenue of $61.00 million for the quarter, compared to analyst estimates of $59.91 million. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period last year, the company posted ($0.06) earnings per share. Sell-side analysts anticipate that Benefitfocus will post -1.21 earnings per share for the current year.
In related news, CFO Jonathon E. Dussault sold 4,045 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $36.81, for a total transaction of $148,896.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Francis J. Pelzer sold 750 shares of the company’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $40.00, for a total value of $30,000.00. Following the sale, the director now owns 24,275 shares of the company’s stock, valued at $971,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,045 shares of company stock valued at $399,056. 29.00% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. lifted its position in shares of Benefitfocus by 4.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 115,895 shares of the software maker’s stock worth $3,895,000 after buying an additional 4,406 shares during the last quarter. Millennium Management LLC lifted its position in shares of Benefitfocus by 776.0% during the 2nd quarter. Millennium Management LLC now owns 735,496 shares of the software maker’s stock worth $24,713,000 after buying an additional 651,532 shares during the last quarter. Laurion Capital Management LP bought a new stake in shares of Benefitfocus during the 2nd quarter worth $2,242,000. Bank of New York Mellon Corp raised its position in Benefitfocus by 4.8% in the second quarter. Bank of New York Mellon Corp now owns 78,992 shares of the software maker’s stock valued at $2,654,000 after purchasing an additional 3,648 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in Benefitfocus in the second quarter valued at about $284,000. Institutional investors and hedge funds own 93.26% of the company’s stock.
Benefitfocus Company Profile
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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