Benefitfocus Inc (NASDAQ:BNFT) shot up 6.8% during trading on Wednesday . The stock traded as high as $26.13 and last traded at $26.02, 351,600 shares traded hands during trading. A decline of 30% from the average session volume of 500,952 shares. The stock had previously closed at $24.37.
Several brokerages have recently commented on BNFT. BidaskClub downgraded Benefitfocus from a “hold” rating to a “sell” rating in a report on Friday, August 30th. Royal Bank of Canada reaffirmed a “hold” rating and set a $46.00 target price on shares of Benefitfocus in a report on Thursday, August 8th. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a report on Thursday, July 25th. Wells Fargo & Co reaffirmed a “buy” rating on shares of Benefitfocus in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald reduced their target price on Benefitfocus from $60.00 to $47.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $43.45.
The stock has a market capitalization of $857.97 million, a price-to-earnings ratio of -17.61 and a beta of 1.36. The firm has a 50-day moving average of $25.86 and a two-hundred day moving average of $33.24.
In related news, CFO Lou Anne Gilmore sold 1,019 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $26.89, for a total transaction of $27,400.91. Following the transaction, the chief financial officer now directly owns 34,133 shares of the company’s stock, valued at $917,836.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 29.00% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Bamco Inc. NY increased its position in Benefitfocus by 0.7% in the 2nd quarter. Bamco Inc. NY now owns 4,144,001 shares of the software maker’s stock worth $112,510,000 after purchasing an additional 30,720 shares during the last quarter. BlackRock Inc. increased its position in Benefitfocus by 27.6% in the 2nd quarter. BlackRock Inc. now owns 2,900,191 shares of the software maker’s stock worth $78,740,000 after purchasing an additional 627,806 shares during the last quarter. Frontier Capital Management Co. LLC increased its position in Benefitfocus by 41.9% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,637,000 shares of the software maker’s stock worth $81,064,000 after purchasing an additional 483,700 shares during the last quarter. Artisan Partners Limited Partnership increased its position in Benefitfocus by 0.7% in the 1st quarter. Artisan Partners Limited Partnership now owns 1,217,140 shares of the software maker’s stock worth $60,273,000 after purchasing an additional 8,832 shares during the last quarter. Finally, Tikvah Management LLC acquired a new position in Benefitfocus in the 2nd quarter worth about $19,571,000. 97.80% of the stock is currently owned by institutional investors.
About Benefitfocus (NASDAQ:BNFT)
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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