Benefitfocus (NASDAQ:BNFT) Downgraded by BidaskClub

Benefitfocus (NASDAQ:BNFT) was downgraded by equities researchers at BidaskClub from a “sell” rating to a “strong sell” rating in a research note issued on Tuesday, BidAskClub reports.

BNFT has been the topic of several other research reports. Cantor Fitzgerald reiterated a “buy” rating on shares of Benefitfocus in a report on Thursday, April 2nd. Wells Fargo & Co reduced their price target on Benefitfocus from $29.00 to $25.00 and set an “overweight” rating on the stock in a report on Thursday, May 7th. ValuEngine upgraded Benefitfocus from a “hold” rating to a “buy” rating in a report on Friday, May 1st. Zacks Investment Research lowered Benefitfocus from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Finally, Piper Sandler reduced their price target on Benefitfocus from $35.00 to $26.00 in a report on Thursday, May 7th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $26.60.

Shares of BNFT stock opened at $10.30 on Tuesday. The stock’s fifty day moving average is $11.72 and its two-hundred day moving average is $13.28. The firm has a market capitalization of $330.70 million, a P/E ratio of -7.92 and a beta of 1.63. Benefitfocus has a fifty-two week low of $6.09 and a fifty-two week high of $28.25.

Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Wednesday, May 6th. The software maker reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.05. The company had revenue of $66.15 million for the quarter, compared to analysts’ expectations of $65.96 million. During the same quarter in the prior year, the firm earned ($0.21) EPS. The firm’s revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts predict that Benefitfocus will post -1.04 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can acquired a new position in Benefitfocus in the 4th quarter valued at about $32,000. UBS Group AG grew its position in Benefitfocus by 194.3% in the 4th quarter. UBS Group AG now owns 2,434 shares of the software maker’s stock valued at $53,000 after acquiring an additional 1,607 shares in the last quarter. Victory Capital Management Inc. grew its position in Benefitfocus by 47.9% in the 4th quarter. Victory Capital Management Inc. now owns 4,333 shares of the software maker’s stock valued at $95,000 after acquiring an additional 1,404 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Benefitfocus by 3,733.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 5,750 shares of the software maker’s stock valued at $51,000 after acquiring an additional 5,600 shares in the last quarter. Finally, Jane Street Group LLC acquired a new position in Benefitfocus in the 4th quarter valued at about $208,000. 88.33% of the stock is owned by institutional investors.

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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Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

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