Other analysts also recently issued research reports about the company. Royal Bank of Canada increased their target price on Benefitfocus to $58.00 and gave the company an average rating in a research note on Wednesday, December 19th. Wedbush restated a buy rating and set a $57.00 target price on shares of Benefitfocus in a research note on Wednesday, December 19th. Zacks Investment Research upgraded Benefitfocus from a hold rating to a buy rating and set a $60.00 price objective for the company in a research report on Wednesday, January 23rd. Jefferies Financial Group downgraded Benefitfocus from a buy rating to a hold rating and raised their price objective for the stock from $48.00 to $55.00 in a research report on Wednesday, February 27th. Finally, Goldman Sachs Group reiterated a neutral rating and issued a $55.00 price objective on shares of Benefitfocus in a research report on Friday, February 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $53.33.
Shares of NASDAQ BNFT traded down $1.10 during mid-day trading on Wednesday, reaching $38.48. 430,145 shares of the company traded hands, compared to its average volume of 539,582. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -25.83 and a beta of 1.42. Benefitfocus has a fifty-two week low of $26.60 and a fifty-two week high of $60.66.
In related news, major shareholder Goldman Sachs Group Inc sold 3,254,735 shares of Benefitfocus stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $46.80, for a total transaction of $152,321,598.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joseph P. Disabato sold 488,211 shares of Benefitfocus stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $46.80, for a total value of $22,848,274.80. The disclosure for this sale can be found here. Insiders have sold a total of 3,760,766 shares of company stock valued at $176,041,313 over the last ninety days. Insiders own 29.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Benefitfocus by 52.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,255 shares of the software maker’s stock worth $57,000 after purchasing an additional 433 shares during the period. Raymond James Trust N.A. grew its stake in shares of Benefitfocus by 4.3% during the first quarter. Raymond James Trust N.A. now owns 12,079 shares of the software maker’s stock worth $598,000 after purchasing an additional 500 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Benefitfocus by 211.2% during the first quarter. Meeder Asset Management Inc. now owns 803 shares of the software maker’s stock worth $40,000 after purchasing an additional 545 shares during the period. Advisory Services Network LLC bought a new position in Benefitfocus during the fourth quarter worth about $27,000. Finally, Pier 88 Investment Partners LLC bought a new position in Benefitfocus during the fourth quarter worth about $69,000. 86.05% of the stock is owned by institutional investors and hedge funds.
Benefitfocus Company Profile
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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