Benefitfocus (NASDAQ:BNFT) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Benefitfocus (NASDAQ:BNFT – Get Rating) posted its quarterly earnings results on Wednesday. The software maker reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.06, Fidelity Earnings reports. During the same quarter in the prior year, the company posted ($0.31) EPS.

Benefitfocus Stock Performance

Benefitfocus stock traded up $0.03 during midday trading on Friday, hitting $7.40. 185,021 shares of the company’s stock were exchanged, compared to its average volume of 124,365. Benefitfocus has a 12-month low of $7.16 and a 12-month high of $13.06. The stock has a market cap of $251.33 million, a price-to-earnings ratio of -6.92 and a beta of 1.64. The firm’s 50 day simple moving average is $8.35 and its 200 day simple moving average is $9.82.

Insiders Place Their Bets

In related news, CEO Matthew Levin sold 37,154 shares of the business’s stock in a transaction dated Tuesday, May 10th. The shares were sold at an average price of $8.59, for a total transaction of $319,152.86. Following the sale, the chief executive officer now owns 511,336 shares of the company’s stock, valued at $4,392,376.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.86% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Benefitfocus

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of Benefitfocus by 5.5% in the 1st quarter. BlackRock Inc. now owns 1,984,412 shares of the software maker’s stock worth $25,044,000 after acquiring an additional 104,003 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Benefitfocus by 99.2% in the first quarter. Goldman Sachs Group Inc. now owns 173,487 shares of the software maker’s stock worth $2,189,000 after purchasing an additional 86,390 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Benefitfocus by 37.0% in the first quarter. Dimensional Fund Advisors LP now owns 271,924 shares of the software maker’s stock worth $3,432,000 after purchasing an additional 73,442 shares in the last quarter. Employees Retirement System of Texas lifted its position in shares of Benefitfocus by 46.7% in the first quarter. Employees Retirement System of Texas now owns 110,642 shares of the software maker’s stock worth $1,396,000 after purchasing an additional 35,242 shares in the last quarter. Finally, Federated Hermes Inc. purchased a new stake in shares of Benefitfocus in the first quarter worth approximately $388,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Analyst Upgrades and Downgrades

BNFT has been the topic of a number of research analyst reports. StockNews.com raised shares of Benefitfocus from a “hold” rating to a “buy” rating in a report on Tuesday, July 19th. Piper Sandler downgraded shares of Benefitfocus from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $16.00 to $9.00 in a research report on Wednesday, June 22nd.

About Benefitfocus

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Benefitfocus, Inc provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based benefits management portal that streamlines online enrollment, employee communication, and benefit administration; Health Insights, a data analytics solution; ACA Management and Reporting, a solution for employers to manage ACA compliance; Billing & Payments, an application that synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments, and enhance accuracy of payments; and COBRA Administration, a solution that simplifies management of Consolidated Omnibus Budget Reconciliation Act, benefits.