Benefitfocus (NASDAQ:BNFT) PT Lowered to $40.00

Benefitfocus (NASDAQ:BNFT) had its price objective decreased by research analysts at Wedbush from $52.00 to $40.00 in a research report issued to clients and investors on Monday, July 29th, The Fly reports. The firm currently has an “outperform” rating on the software maker’s stock. Wedbush’s target price would indicate a potential upside of 51.34% from the stock’s previous close.

Several other research firms have also recently issued reports on BNFT. BidaskClub raised Benefitfocus from a “sell” rating to a “hold” rating in a research report on Tuesday, June 18th. Wells Fargo & Co lowered their price objective on Benefitfocus from $60.00 to $55.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. JPMorgan Chase & Co. began coverage on Benefitfocus in a research report on Wednesday, July 3rd. They set a “neutral” rating and a $32.00 price objective for the company. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Thursday, July 25th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $60.00 price objective on shares of Benefitfocus in a research report on Wednesday, May 1st. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $45.10.

BNFT traded up $0.44 on Monday, hitting $26.43. 216,100 shares of the company were exchanged, compared to its average volume of 516,512. Benefitfocus has a twelve month low of $22.82 and a twelve month high of $60.66. The company has a market cap of $856.99 million, a price-to-earnings ratio of -17.74 and a beta of 1.30. The firm has a 50-day moving average price of $25.90 and a two-hundred day moving average price of $36.58.

Benefitfocus (NASDAQ:BNFT) last released its earnings results on Tuesday, August 6th. The software maker reported ($0.42) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.64) by $0.22. The company had revenue of $68.60 million for the quarter, compared to analyst estimates of $67.51 million. The company’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.24) earnings per share. Research analysts forecast that Benefitfocus will post -1.44 earnings per share for the current fiscal year.

In related news, CFO Lou Anne Gilmore sold 1,019 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $26.89, for a total value of $27,400.91. Following the transaction, the chief financial officer now directly owns 34,133 shares of the company’s stock, valued at approximately $917,836.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 9.70% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC purchased a new position in Benefitfocus in the first quarter valued at about $2,367,000. Raymond James Trust N.A. raised its position in Benefitfocus by 4.3% in the first quarter. Raymond James Trust N.A. now owns 12,079 shares of the software maker’s stock valued at $598,000 after purchasing an additional 500 shares during the period. Pier Capital LLC purchased a new position in Benefitfocus in the first quarter valued at about $9,542,000. Raymond James & Associates raised its position in Benefitfocus by 4.7% in the first quarter. Raymond James & Associates now owns 262,512 shares of the software maker’s stock valued at $13,000,000 after purchasing an additional 11,899 shares during the period. Finally, Meeder Asset Management Inc. raised its position in Benefitfocus by 211.2% in the first quarter. Meeder Asset Management Inc. now owns 803 shares of the software maker’s stock valued at $40,000 after purchasing an additional 545 shares during the period.

About Benefitfocus

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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