First Trust Advisors LP bought a new stake in Benefitfocus Inc. (NASDAQ:BNFT) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,474 shares of the company’s stock, valued at approximately $476,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of BNFT. Quantitative Investment Management LLC boosted its stake in Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock valued at $251,000 after buying an additional 200 shares during the period. SG Americas Securities LLC bought a new stake in Benefitfocus during the second quarter valued at $111,000. Societe Generale bought a new stake in Benefitfocus during the second quarter valued at $111,000. Fortaleza Asset Management Inc. bought a new stake in Benefitfocus during the second quarter valued at $122,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in Benefitfocus during the second quarter valued at $297,000. 78.96% of the stock is currently owned by institutional investors.
Shares of Benefitfocus Inc. (NASDAQ:BNFT) traded up 0.33% during trading on Wednesday, reaching $42.14. 50,137 shares of the company were exchanged. The firm’s 50 day moving average is $40.34 and its 200 day moving average is $38.67. The firm’s market capitalization is $1.25 billion. Benefitfocus Inc. has a 1-year low of $21.04 and a 1-year high of $44.98.
Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.37) by $0.15. The company had revenue of $57.90 million for the quarter, compared to analysts’ expectations of $56.42 million. During the same quarter in the previous year, the company posted ($0.53) EPS. The business’s quarterly revenue was up 35.6% on a year-over-year basis. On average, equities analysts anticipate that Benefitfocus Inc. will post ($0.95) EPS for the current fiscal year.
Several analysts recently weighed in on BNFT shares. Canaccord Genuity reiterated a “buy” rating and issued a $48.00 price target on shares of Benefitfocus in a report on Friday, August 5th. Zacks Investment Research cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Deutsche Bank AG boosted their target price on shares of Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Royal Bank Of Canada boosted their target price on shares of Benefitfocus from $36.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, August 1st. Finally, Jefferies Group boosted their target price on shares of Benefitfocus from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, August 12th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Benefitfocus presently has an average rating of “Buy” and an average target price of $48.22.
In other news, COO Raymond Alexander August sold 16,408 shares of the firm’s stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $39.66, for a total transaction 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 legal filing with the SEC, which is accessible through this link. Also, insider Mason R. Holland, Jr. sold 145,915 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $42.18, for a total value of $6,154,694.70. Following the transaction, the insider now owns 22,537 shares in the company, valued at approximately $950,610.66. The disclosure for this sale can be found here. 45.20% of the stock is owned by company insiders.
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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