Benefitfocus (NASDAQ:BNFT) Price Target Cut to $40.00

Benefitfocus (NASDAQ:BNFT) had its target price reduced by Wedbush from $52.00 to $40.00 in a research note released on Monday, The Fly reports. They currently have an outperform rating on the software maker’s stock.

Several other equities analysts have also weighed in on the company. Zacks Investment Research upgraded Benefitfocus from a hold rating to a buy rating and set a $30.00 price target for the company in a research note on Thursday, July 25th. Royal Bank of Canada cut their price objective on Benefitfocus to $49.00 and set a sector perform rating for the company in a research note on Wednesday, May 1st. JPMorgan Chase & Co. assumed coverage on Benefitfocus in a research note on Wednesday, July 3rd. They set a neutral rating and a $32.00 price objective for the company. BidaskClub upgraded Benefitfocus from a sell rating to a hold rating in a research note on Tuesday, June 18th. Finally, Wells Fargo & Co cut their price objective on Benefitfocus from $60.00 to $55.00 and set an outperform rating for the company in a research note on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $48.00.

Shares of Benefitfocus stock opened at $25.00 on Monday. Benefitfocus has a twelve month low of $24.54 and a twelve month high of $60.66. The company has a 50-day simple moving average of $26.26.

Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings results on Wednesday, May 1st. The software maker reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.20) by ($0.01). The company had revenue of $68.30 million during the quarter, compared to analysts’ expectations of $67.77 million. During the same period in the previous year, the company posted ($0.26) EPS. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. As a group, research analysts forecast that Benefitfocus will post -1.59 earnings per share for the current year.

In other news, CFO Lou Anne Gilmore sold 1,019 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $26.89, for a total value of $27,400.91. Following the completion of the sale, the chief financial officer now directly owns 34,133 shares in the company, valued at $917,836.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Raymond Alexander August purchased 3,200 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $31.15 per share, with a total value of $99,680.00. Following the completion of the transaction, the insider now directly owns 511,925 shares of the company’s stock, valued at $15,946,463.75. The disclosure for this purchase can be found here. 29.00% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC purchased a new stake in shares of Benefitfocus in the fourth quarter valued at approximately $27,000. Meeder Asset Management Inc. grew its position in shares of Benefitfocus by 211.2% in the first quarter. Meeder Asset Management Inc. now owns 803 shares of the software maker’s stock valued at $40,000 after purchasing an additional 545 shares in the last quarter. FinTrust Capital Advisors LLC purchased a new stake in shares of Benefitfocus in the second quarter valued at approximately $43,000. SG Americas Securities LLC purchased a new stake in shares of Benefitfocus in the first quarter valued at approximately $162,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Benefitfocus by 19.2% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,760 shares of the software maker’s stock valued at $236,000 after purchasing an additional 766 shares in the last quarter. Institutional investors and hedge funds own 99.02% of the company’s stock.

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.

Further Reading: Roth IRA

The Fly

Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

Receive News & Ratings for Benefitfocus Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Benefitfocus and related companies with MarketBeat.com's FREE daily email newsletter.