Benefitfocus, Inc. (BNFT) Downgraded by William Blair to “Market Perform”

William Blair downgraded shares of Benefitfocus, Inc. (NASDAQ:BNFT) from an outperform rating to a market perform rating in a research report sent to investors on Friday.

Several other analysts also recently weighed in on the stock. Canaccord Genuity reissued a buy rating and set a $34.00 target price on shares of Benefitfocus in a research report on Monday, October 30th. Zacks Investment Research downgraded shares of Benefitfocus from a hold rating to a sell rating in a report on Wednesday, October 25th. Berenberg Bank reaffirmed a buy rating and issued a $36.00 price objective on shares of Benefitfocus in a report on Thursday, August 10th. Piper Jaffray Companies reaffirmed a buy rating and issued a $43.00 price objective on shares of Benefitfocus in a report on Friday, August 4th. Finally, Chardan Capital downgraded shares of Benefitfocus from a buy rating to a neutral rating and dropped their price objective for the company from $36.00 to $30.00 in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Benefitfocus presently has a consensus rating of Hold and an average price target of $35.38.

Benefitfocus (NASDAQ:BNFT) traded down $0.92 during trading hours on Friday, reaching $25.23. 663,217 shares of the company’s stock traded hands, compared to its average volume of 181,400. Benefitfocus has a 12 month low of $22.30 and a 12 month high of $37.10. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of -2.53.

Benefitfocus (NASDAQ:BNFT) last released its earnings results on Thursday, November 2nd. The software maker reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.08. The company had revenue of $62.45 million for the quarter, compared to analysts’ expectations of $62.19 million. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.14) EPS. equities research analysts expect that Benefitfocus will post -0.88 earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in the company. BT Investment Management Ltd boosted its holdings in Benefitfocus by 69.9% during the third quarter. BT Investment Management Ltd now owns 40,758 shares of the software maker’s stock worth $1,372,000 after buying an additional 16,774 shares in the last quarter. Baillie Gifford & Co. purchased a new stake in Benefitfocus during the third quarter worth $8,038,000. Peregrine Capital Management LLC boosted its holdings in Benefitfocus by 3.5% during the third quarter. Peregrine Capital Management LLC now owns 640,470 shares of the software maker’s stock worth $21,552,000 after buying an additional 21,778 shares in the last quarter. First Trust Advisors LP purchased a new stake in Benefitfocus during the third quarter worth $1,515,000. Finally, Lord Abbett & CO. LLC purchased a new stake in Benefitfocus during the second quarter worth $463,000. 85.42% of the stock is currently 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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