Benefitfocus (NASDAQ:BNFT) Upgraded to “Sell” by BidaskClub

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BidaskClub upgraded shares of Benefitfocus (NASDAQ:BNFT) from a strong sell rating to a sell rating in a research note released on Tuesday morning, BidAskClub reports.

A number of other research analysts have also weighed in on the stock. Zacks Investment Research raised shares of Benefitfocus from a sell rating to a hold rating in a research note on Tuesday, June 4th. ValuEngine lowered shares of Benefitfocus from a buy rating to a hold rating in a research note on Thursday, May 9th. Wells Fargo & Co cut their price target on shares of Benefitfocus from $60.00 to $55.00 and set an outperform rating on the stock in a research note on Thursday, May 2nd. Cantor Fitzgerald reaffirmed a buy rating and issued a $60.00 price target on shares of Benefitfocus in a research note on Wednesday, May 1st. Finally, Royal Bank of Canada cut their price objective on shares of Benefitfocus to $49.00 and set a sector perform rating on the stock in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $53.73.

Shares of BNFT opened at $26.26 on Tuesday. Benefitfocus has a twelve month low of $25.59 and a twelve month high of $60.66.

Benefitfocus (NASDAQ:BNFT) last announced its quarterly 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 analysts’ expectations of $67.77 million. During the same quarter in the prior year, the firm posted ($0.26) earnings per share. The business’s quarterly revenue was up 9.5% on a year-over-year basis. On average, equities analysts forecast that Benefitfocus will post -1.6 EPS for the current year.

In other Benefitfocus news, insider Raymond Alexander August acquired 3,200 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were acquired at an average price 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 in the company, valued at approximately $15,946,463.75. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph P. Disabato sold 488,211 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $46.80, for a total transaction of $22,848,274.80. The disclosure for this sale can be found here. In the last three months, insiders sold 504,401 shares of company stock worth $23,617,030. 29.00% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in BNFT. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Benefitfocus by 52.7% during 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 last quarter. Raymond James Trust N.A. increased its holdings in Benefitfocus by 4.3% during 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 last quarter. Meeder Asset Management Inc. increased its holdings in Benefitfocus by 211.2% during 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 last quarter. Advisory Services Network LLC acquired a new position in Benefitfocus during the fourth quarter worth $27,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in Benefitfocus by 19.2% during 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 last quarter. 98.59% of the stock is currently 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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Analyst Recommendations for Benefitfocus (NASDAQ:BNFT)

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