Benefitfocus (BNFT) Hits New 1-Year High at $56.53

Benefitfocus Inc (NASDAQ:BNFT) reached a new 52-week high on Wednesday . The stock traded as high as $56.53 and last traded at $56.75, with a volume of 6011 shares traded. The stock had previously closed at $54.99.

Several equities research analysts have weighed in on the stock. Wedbush increased their target price on shares of Benefitfocus from $42.00 to $44.00 and gave the stock an “outperform” rating in a report on Friday, November 2nd. Zacks Investment Research lowered shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, January 10th. Piper Jaffray Companies reiterated a “positive” rating and issued a $61.00 target price on shares of Benefitfocus in a report on Tuesday, December 11th. Raymond James increased their target price on shares of Benefitfocus from $50.00 to $58.00 and gave the stock an “outperform” rating in a report on Friday, November 30th. Finally, Jefferies Financial Group increased their target price on shares of Benefitfocus to $48.00 and gave the stock a “buy” rating in a report on Friday, November 2nd. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $50.17.

The firm has a market capitalization of $1.66 billion, a P/E ratio of -71.76 and a beta of 1.45.

A number of institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Benefitfocus by 52.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,255 shares of the software maker’s stock valued at $57,000 after purchasing an additional 433 shares in the last quarter. Raymond James Trust N.A. grew its position in Benefitfocus by 10.5% in the fourth quarter. Raymond James Trust N.A. now owns 11,579 shares of the software maker’s stock valued at $529,000 after purchasing an additional 1,100 shares in the last quarter. Pier 88 Investment Partners LLC bought a new position in Benefitfocus in the fourth quarter valued at $69,000. Essex Investment Management Co. LLC grew its position in Benefitfocus by 4.5% in the third quarter. Essex Investment Management Co. LLC now owns 44,360 shares of the software maker’s stock valued at $1,794,000 after purchasing an additional 1,897 shares in the last quarter. Finally, American International Group Inc. grew its position in Benefitfocus by 14.8% in the third quarter. American International Group Inc. now owns 14,874 shares of the software maker’s stock valued at $602,000 after purchasing an additional 1,913 shares in the last quarter. 92.72% of the stock is owned by institutional investors and hedge funds.

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Benefitfocus Company Profile (NASDAQ:BNFT)

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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