Benefitfocus (NASDAQ:BNFT) Downgraded to Hold at StockNews.com

StockNews.com downgraded shares of Benefitfocus (NASDAQ:BNFTGet Rating) from a buy rating to a hold rating in a research note published on Thursday morning.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler cut shares of Benefitfocus from an overweight rating to a neutral rating and dropped their price target for the company from $16.00 to $9.00 in a research note on Wednesday. JPMorgan Chase & Co. dropped their price target on shares of Benefitfocus from $13.00 to $11.00 and set a neutral rating on the stock in a research note on Wednesday, March 2nd.

Shares of NASDAQ BNFT opened at $8.08 on Thursday. The stock has a market capitalization of $274.42 million, a price-to-earnings ratio of -6.91 and a beta of 1.66. Benefitfocus has a 12 month low of $7.63 and a 12 month high of $14.81. The firm’s 50 day simple moving average is $9.58 and its 200-day simple moving average is $10.40.

Benefitfocus (NASDAQ:BNFTGet Rating) last issued its quarterly earnings data on Tuesday, May 3rd. The software maker reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.14. The firm had revenue of $61.20 million for the quarter, compared to analyst estimates of $60.74 million. Benefitfocus’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) EPS. On average, equities analysts forecast that Benefitfocus will post -0.17 EPS for the current year.

In other news, major shareholder Indaba Capital Management, L.P acquired 100,000 shares of the firm’s stock in a transaction on Monday, March 28th. The shares were bought at an average price of $12.72 per share, for a total transaction of $1,272,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Matthew Levin sold 37,154 shares of Benefitfocus stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $8.59, for a total value of $319,152.86. Following the transaction, the chief executive officer now owns 511,336 shares in the company, valued at approximately $4,392,376.24. The disclosure for this sale can be found here. Insiders sold a total of 46,113 shares of company stock worth $430,363 in the last 90 days. 14.86% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of BNFT. Geode Capital Management LLC raised its holdings in shares of Benefitfocus by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 464,169 shares of the software maker’s stock worth $5,152,000 after acquiring an additional 5,928 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Benefitfocus by 341.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 169,396 shares of the software maker’s stock worth $1,880,000 after acquiring an additional 131,057 shares during the period. Marshall Wace LLP purchased a new position in shares of Benefitfocus during the 3rd quarter worth $1,001,000. Metropolitan Life Insurance Co NY raised its holdings in shares of Benefitfocus by 80.7% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 6,722 shares of the software maker’s stock worth $75,000 after acquiring an additional 3,003 shares during the period. Finally, Squarepoint Ops LLC purchased a new position in shares of Benefitfocus during the 3rd quarter worth $138,000. Institutional investors and hedge funds own 83.40% of the company’s stock.

Benefitfocus Company Profile (Get Rating)

Benefitfocus, Inc provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based benefits management portal that streamlines online enrollment, employee communication, and benefit administration; Health Insights, a data analytics solution; ACA Management and Reporting, a solution for employers to manage ACA compliance; Billing & Payments, an application that synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments, and enhance accuracy of payments; and COBRA Administration, a solution that simplifies management of Consolidated Omnibus Budget Reconciliation Act, benefits.

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