Benefitfocus (NASDAQ:BNFT) Downgraded by StockNews.com

Benefitfocus (NASDAQ:BNFTGet Rating) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

BNFT has been the subject of several other reports. Piper Sandler cut shares of Benefitfocus from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $16.00 to $9.00 in a research report on Wednesday. JPMorgan Chase & Co. reduced their price target on shares of Benefitfocus from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, March 2nd.

BNFT traded down $0.50 during midday trading on Thursday, hitting $8.08. 262,983 shares of the company were exchanged, compared to its average volume of 133,346. The company’s 50 day simple moving average is $9.58 and its 200 day simple moving average is $10.40. Benefitfocus has a 1-year low of $7.63 and a 1-year high of $14.81. The firm has a market capitalization of $274.42 million, a price-to-earnings ratio of -6.91 and a beta of 1.66.

Benefitfocus (NASDAQ:BNFTGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The software maker reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.14. The firm had revenue of $61.20 million for the quarter, compared to analyst estimates of $60.74 million. The firm’s quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.04) EPS. On average, research analysts anticipate that Benefitfocus will post -0.17 EPS for the current fiscal year.

In related news, CEO Matthew Levin sold 37,154 shares of the firm’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $8.59, for a total transaction of $319,152.86. Following the sale, the chief executive officer now owns 511,336 shares in the company, valued at $4,392,376.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Alpana Wegner sold 5,811 shares of the firm’s stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $12.61, for a total transaction of $73,276.71. Following the sale, the chief financial officer now owns 229,568 shares in the company, valued at approximately $2,894,852.48. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,113 shares of company stock valued at $430,363. 14.86% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Counterpoint Mutual Funds LLC purchased a new position in shares of Benefitfocus in the 4th quarter valued at $27,000. Metropolitan Life Insurance Co NY increased its stake in Benefitfocus by 80.7% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 6,722 shares of the software maker’s stock worth $75,000 after buying an additional 3,003 shares during the period. Squarepoint Ops LLC purchased a new stake in Benefitfocus during the 3rd quarter worth $138,000. MetLife Investment Management LLC increased its stake in Benefitfocus by 55.4% during the 1st quarter. MetLife Investment Management LLC now owns 13,846 shares of the software maker’s stock worth $175,000 after buying an additional 4,937 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Benefitfocus during the 1st quarter worth $185,000. Institutional investors own 83.40% of the company’s stock.

Benefitfocus Company Profile (Get Rating)

Benefitfocus, Inc provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based benefits management portal that streamlines online enrollment, employee communication, and benefit administration; Health Insights, a data analytics solution; ACA Management and Reporting, a solution for employers to manage ACA compliance; Billing & Payments, an application that synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments, and enhance accuracy of payments; and COBRA Administration, a solution that simplifies management of Consolidated Omnibus Budget Reconciliation Act, benefits.

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