Advisory Services Network LLC bought a new position in shares of Benefitfocus Inc (NASDAQ:BNFT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 600 shares of the software maker’s stock, valued at approximately $27,000.
Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Benefitfocus by 13.6% in the 4th quarter. BlackRock Inc. now owns 1,706,575 shares of the software maker’s stock valued at $78,026,000 after buying an additional 204,222 shares in the last quarter. Baillie Gifford & Co. boosted its stake in Benefitfocus by 2.8% during the 4th quarter. Baillie Gifford & Co. now owns 830,179 shares of the software maker’s stock worth $37,956,000 after purchasing an additional 22,865 shares during the period. Two Sigma Investments LP boosted its stake in Benefitfocus by 126.9% during the 4th quarter. Two Sigma Investments LP now owns 304,197 shares of the software maker’s stock worth $13,908,000 after purchasing an additional 170,131 shares during the period. Polar Capital LLP boosted its stake in Benefitfocus by 6.4% during the 4th quarter. Polar Capital LLP now owns 303,854 shares of the software maker’s stock worth $13,892,000 after purchasing an additional 18,365 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Benefitfocus by 9.2% during the 4th quarter. Geode Capital Management LLC now owns 285,750 shares of the software maker’s stock worth $13,063,000 after purchasing an additional 23,992 shares during the period. 84.90% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have commented on BNFT shares. Jefferies Financial Group downgraded shares of Benefitfocus from a “buy” rating to a “hold” rating and upped their price objective for the stock from $48.00 to $55.00 in a research report on Wednesday, February 27th. BidaskClub downgraded shares of Benefitfocus from a “strong-buy” rating to a “buy” rating in a report on Thursday, February 28th. Goldman Sachs Group reiterated a “neutral” rating and issued a $55.00 price target on shares of Benefitfocus in a report on Friday, February 1st. Cantor Fitzgerald began coverage on shares of Benefitfocus in a research note on Tuesday, April 2nd. They issued an “overweight” rating and a $60.00 price objective on the stock. Finally, Royal Bank of Canada cut shares of Benefitfocus from an “outperform” rating to a “sector perform” rating and set a $58.00 price objective on the stock. in a research note on Wednesday, February 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. Benefitfocus presently has an average rating of “Buy” and a consensus target price of $52.17.
Benefitfocus (NASDAQ:BNFT) last released its earnings results on Wednesday, May 1st. The software maker reported ($0.21) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.01). The company had revenue of $68.30 million for the quarter, compared to analyst estimates of $67.77 million. During the same quarter in the previous year, the company earned ($0.26) earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. On average, research analysts expect that Benefitfocus Inc will post -1.1 earnings per share for the current year.
In other news, major shareholder Goldman Sachs Group Inc sold 3,254,735 shares of Benefitfocus stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $46.80, for a total transaction of $152,321,598.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 transaction of $22,848,274.80. The disclosure for this sale can be found here. Insiders sold 3,761,016 shares of company stock worth $176,051,313 in the last 90 days. 29.00% of the stock is currently owned by insiders.
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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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