Benefitfocus Inc. (NASDAQ:BNFT) COO Raymond Alexander August sold 16,408 shares of the firm’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $39.66, for a total value of $650,741.28. Following the transaction, the chief operating officer now owns 198,102 shares in the company, valued at $7,856,725.32. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of Benefitfocus Inc. (NASDAQ:BNFT) opened at 41.57 on Friday. The company has a 50-day moving average price of $40.20 and a 200 day moving average price of $38.37. Benefitfocus Inc. has a one year low of $21.04 and a one year high of $44.98. The stock’s market cap is $1.23 billion.
Benefitfocus (NASDAQ:BNFT) last released its earnings results on Wednesday, August 3rd. The company reported ($0.22) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.15. The company earned $57.90 million during the quarter, compared to the consensus estimate of $56.42 million. During the same period last year, the firm posted ($0.53) earnings per share. The company’s revenue was up 35.6% compared to the same quarter last year. Equities research analysts expect that Benefitfocus Inc. will post ($0.95) earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. bought a new stake in Benefitfocus during the second quarter valued at approximately $1,787,000. Royal Bank of Canada bought a new stake in Benefitfocus during the second quarter valued at approximately $347,000. Schwab Charles Investment Management Inc. increased its stake in Benefitfocus by 30.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 38,418 shares of the company’s stock valued at $1,465,000 after buying an additional 8,988 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in Benefitfocus by 62.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 9,506 shares of the company’s stock valued at $362,000 after buying an additional 3,648 shares during the period. Finally, EverPoint Asset Management LLC increased its stake in Benefitfocus by 14.3% in the second quarter. EverPoint Asset Management LLC now owns 160,000 shares of the company’s stock valued at $6,099,000 after buying an additional 20,000 shares during the period. 78.96% of the stock is currently owned by institutional investors and hedge funds.
BNFT has been the topic of several recent analyst reports. Zacks Investment Research upgraded Benefitfocus from a “sell” rating to a “hold” rating in a research note on Monday, June 13th. Royal Bank Of Canada raised their price objective on Benefitfocus from $36.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, August 1st. RBC Capital Markets reaffirmed a “sector perform” rating and set a $46.00 target price (up from $36.00) on shares of Benefitfocus in a research report on Monday, August 1st. Deutsche Bank AG raised their target price on Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, Jefferies Group raised their target price on Benefitfocus from $43.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, August 4th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $48.22.
Benefitfocus Company Profile
Benefitfocus, Inc (Benefitfocus) provides cloud-based benefits software solutions for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. It operates through two business segments: Employer, which derives its revenue from customers that use the Company’s services for the provision of benefits to their employees, and administrators acting on behalf of employers, Carrier, which derives its revenue from insurance companies that provide coverage at their own risk.
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