Canaccord Genuity reiterated their buy rating on shares of Benefitfocus, Inc. (NASDAQ:BNFT) in a research report released on Monday morning. Canaccord Genuity currently has a $34.00 price objective on the software maker’s stock.
Several other equities analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Benefitfocus from a buy rating to a hold rating in a research note on Wednesday, August 9th. BidaskClub downgraded shares of Benefitfocus from a buy rating to a hold rating in a research note on Monday, July 24th. Chardan Capital downgraded shares of Benefitfocus from a buy rating to a neutral rating and decreased their price objective for the company from $36.00 to $30.00 in a research note on Friday, August 4th. Raymond James Financial, Inc. upped their price objective on shares of Benefitfocus from $38.00 to $43.00 and gave the company an outperform rating in a research note on Thursday, July 27th. Finally, Piper Jaffray Companies restated a buy rating and issued a $43.00 price objective on shares of Benefitfocus in a research note on Friday, August 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $39.67.
Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings data on Thursday, August 3rd. The software maker reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.09. The company had revenue of $63.30 million during the quarter, compared to analyst estimates of $62.07 million. During the same quarter in the prior year, the company earned ($0.22) EPS. The business’s revenue was up 9.3% on a year-over-year basis.
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Several large investors have recently made changes to their positions in BNFT. Bank of New York Mellon Corp raised its holdings in shares of Benefitfocus by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 52,301 shares of the software maker’s stock valued at $1,462,000 after buying an additional 632 shares during the last quarter. American International Group Inc. raised its holdings in shares of Benefitfocus by 7.1% in the first quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock valued at $222,000 after buying an additional 523 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Benefitfocus by 93.8% in the first quarter. Alliancebernstein L.P. now owns 37,010 shares of the software maker’s stock valued at $1,034,000 after buying an additional 17,910 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Benefitfocus by 11.4% in the first quarter. Geode Capital Management LLC now owns 121,929 shares of the software maker’s stock valued at $3,407,000 after buying an additional 12,501 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Benefitfocus in the first quarter valued at about $4,995,000. 85.42% of the stock is owned by institutional investors and hedge funds.
Benefitfocus Company Profile
Benefitfocus, Inc (Benefitfocus) is a provider of cloud-based benefits management platform for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. The Company operates through two business segments: Employer, which derives its revenue from customers that use the Company’s services for the provision of benefits to their employees, and administrators acting on behalf of employers, Carrier, which derives its revenue from insurance companies that provide coverage at their own risk.
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