Wedbush began coverage on shares of Benefitfocus (NASDAQ:BNFT) in a research note released on Thursday, Marketbeat.com reports. The brokerage issued an outperform rating and a $42.00 price target on the software maker’s stock.
Several other equities analysts have also recently weighed in on BNFT. Piper Jaffray Companies lifted their price objective on shares of Benefitfocus to $40.00 and gave the stock an overweight rating in a research report on Friday, June 29th. BidaskClub cut shares of Benefitfocus from a buy rating to a hold rating in a research report on Friday, October 12th. Zacks Investment Research cut shares of Benefitfocus from a buy rating to a hold rating in a research report on Monday, July 30th. ValuEngine upgraded shares of Benefitfocus from a hold rating to a buy rating in a research report on Thursday, July 19th. Finally, Chardan Capital boosted their price target on shares of Benefitfocus from $34.00 to $36.00 and gave the company a neutral rating in a report on Friday, August 3rd. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Benefitfocus presently has a consensus rating of Buy and an average price target of $38.27.
Shares of NASDAQ BNFT traded up $0.61 during trading on Thursday, hitting $32.59. The company had a trading volume of 6,806 shares, compared to its average volume of 231,230. The stock has a market capitalization of $1.07 billion, a P/E ratio of -41.57 and a beta of 1.07. Benefitfocus has a 52 week low of $21.75 and a 52 week high of $44.70. The company has a debt-to-equity ratio of -3.49, a quick ratio of 0.98 and a current ratio of 0.98.
In related news, Director Francis J. Pelzer sold 5,000 shares of the company’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $42.02, for a total value of $210,100.00. Following the completion of the sale, the director now directly owns 19,275 shares in the company, valued at $809,935.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jonathon E. Dussault sold 4,045 shares of the company’s stock in a transaction on Tuesday, August 14th. The stock was sold at an average price of $36.81, for a total transaction of $148,896.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,045 shares of company stock worth $399,056. 29.00% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of BNFT. Wells Fargo & Company MN boosted its holdings in Benefitfocus by 1.1% in the first quarter. Wells Fargo & Company MN now owns 313,355 shares of the software maker’s stock worth $7,646,000 after purchasing an additional 3,332 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Benefitfocus by 7.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 111,489 shares of the software maker’s stock worth $2,721,000 after purchasing an additional 7,368 shares in the last quarter. Millennium Management LLC bought a new stake in Benefitfocus in the first quarter worth $2,049,000. Royal Bank of Canada boosted its holdings in Benefitfocus by 13.2% in the first quarter. Royal Bank of Canada now owns 36,562 shares of the software maker’s stock worth $892,000 after purchasing an additional 4,250 shares in the last quarter. Finally, Gofen & Glossberg LLC IL bought a new stake in Benefitfocus in the second quarter worth $239,000. Hedge funds and other institutional investors own 93.58% of the company’s stock.
Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers in the United States. It operates through Employer and Carrier segments. The company's products for insurance carriers include Marketplaces, which are online shopping environments; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution for communication; eSales for carriers and brokers to organize and manage accounts, track leads, generate quotes, and create proposals for products; and Core & Advanced Analytics, a data analytics solution.
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