Raymond James & Associates boosted its stake in Benefitfocus Inc (NASDAQ:BNFT) by 4.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 262,512 shares of the software maker’s stock after buying an additional 11,899 shares during the quarter. Raymond James & Associates’ holdings in Benefitfocus were worth $13,000,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Benefitfocus by 52.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,255 shares of the software maker’s stock worth $57,000 after buying an additional 433 shares during the period. Raymond James Trust N.A. lifted its holdings in Benefitfocus by 4.3% in the first quarter. Raymond James Trust N.A. now owns 12,079 shares of the software maker’s stock worth $598,000 after buying an additional 500 shares during the period. Meeder Asset Management Inc. lifted its holdings in Benefitfocus by 211.2% in the first quarter. Meeder Asset Management Inc. now owns 803 shares of the software maker’s stock worth $40,000 after buying an additional 545 shares during the period. Advisory Services Network LLC purchased a new stake in Benefitfocus in the fourth quarter worth about $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Benefitfocus by 19.2% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,760 shares of the software maker’s stock worth $236,000 after buying an additional 766 shares during the period. Institutional investors and hedge funds own 97.68% of the company’s stock.
Several analysts have commented on the stock. BidaskClub upgraded shares of Benefitfocus from a “hold” rating to a “buy” rating in a report on Wednesday, March 27th. Wells Fargo & Co decreased their target price on shares of Benefitfocus from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Thursday, May 2nd. ValuEngine downgraded shares of Benefitfocus from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Zacks Investment Research downgraded shares of Benefitfocus from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $60.00 target price on shares of Benefitfocus in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $53.73.
Shares of NASDAQ BNFT opened at $29.55 on Friday. Benefitfocus Inc has a fifty-two week low of $28.11 and a fifty-two week high of $60.66. The company has a market cap of $961.26 million, a price-to-earnings ratio of -19.83 and a beta of 1.30.
Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Wednesday, May 1st. The software maker reported ($0.21) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by ($0.01). The business had revenue of $68.30 million for the quarter, compared to analyst estimates of $67.77 million. During the same period last year, the company earned ($0.26) earnings per share. The business’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities research analysts expect that Benefitfocus Inc will post -1.6 EPS for the current fiscal year.
In related news, major shareholder Goldman Sachs Group Inc sold 3,254,735 shares of the firm’s 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Raymond Alexander August purchased 3,200 shares of Benefitfocus stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $31.15 per share, with a total value of $99,680.00. Following 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. Insiders have sold 3,760,766 shares of company stock valued at $176,036,493 in the last ninety days. Insiders own 29.00% of the company’s stock.
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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