Benefitfocus (NASDAQ:BNFT) Issues Quarterly Earnings Results

Benefitfocus (NASDAQ:BNFT) posted its earnings results on Tuesday. The software maker reported ($0.42) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.64) by $0.22, Morningstar.com reports. The business had revenue of $68.60 million for the quarter, compared to the consensus estimate of $67.51 million. The business’s revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.24) earnings per share. Benefitfocus updated its Q3 2019 guidance to $-0.43–0.37 EPS and its FY 2019 guidance to $-0.95–0.8 EPS.

NASDAQ:BNFT traded up $1.27 on Wednesday, hitting $24.76. The stock had a trading volume of 1,423,238 shares, compared to its average volume of 531,084. Benefitfocus has a 52 week low of $22.82 and a 52 week high of $60.66. The company’s fifty day moving average price is $26.01. The company has a market cap of $816.84 million, a P/E ratio of -16.62 and a beta of 1.30.

BNFT has been the topic of several recent analyst reports. Raymond James reiterated an “outperform” rating and set a $30.00 target price (down from $50.00) on shares of Benefitfocus in a report on Wednesday. BidaskClub lowered Benefitfocus from a “hold” rating to a “sell” rating in a report on Tuesday, July 30th. Cantor Fitzgerald dropped their target price on Benefitfocus from $60.00 to $47.00 and set an “overweight” rating on the stock in a report on Wednesday. Wedbush reiterated a “buy” rating and set a $40.00 target price on shares of Benefitfocus in a report on Wednesday. Finally, Wells Fargo & Co dropped their target price on Benefitfocus from $60.00 to $55.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $45.36.

In related news, CFO Lou Anne Gilmore sold 1,019 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $26.89, for a total transaction of $27,400.91. Following the completion of the sale, the chief financial officer now directly owns 34,133 shares of the company’s stock, valued at $917,836.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Raymond Alexander August bought 3,200 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost 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. 9.70% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN grew its position in shares of Benefitfocus by 77.1% in the second quarter. Wells Fargo & Company MN now owns 339,331 shares of the software maker’s stock valued at $9,213,000 after purchasing an additional 147,769 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Benefitfocus in the second quarter valued at $704,000. State Board of Administration of Florida Retirement System grew its position in shares of Benefitfocus by 21.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 17,560 shares of the software maker’s stock valued at $477,000 after purchasing an additional 3,150 shares in the last quarter. Swiss National Bank grew its position in shares of Benefitfocus by 1.3% in the second quarter. Swiss National Bank now owns 47,700 shares of the software maker’s stock valued at $1,295,000 after purchasing an additional 600 shares in the last quarter. Finally, FinTrust Capital Advisors LLC purchased a new position in shares of Benefitfocus in the second quarter valued at $43,000. 99.04% 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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Earnings History for Benefitfocus (NASDAQ:BNFT)

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