The Benefitfocus, Inc. (BNFT) Downgraded by Zacks Investment Research to “Sell”

The Benefitfocus, Inc. (BNFT) Downgraded by Zacks Investment Research to “Sell”

Zacks Investment Research lowered shares of Benefitfocus, Inc. (NASDAQ:BNFT) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Benefitfocus, Inc. offers cloud-based software solutions to consumers, employers, insurance carriers and brokers. The Company’s platform of products and services enable customers to efficiently shop, enroll, manage and exchange benefits information. Benefitfocus, Inc. is based in Charleston, South Carolina. “

Other analysts have also issued research reports about the stock. Canaccord Genuity restated a buy rating and set a $35.00 target price on shares of Benefitfocus in a research report on Tuesday, August 1st. Berenberg Bank restated a buy rating and set a $36.00 target price on shares of Benefitfocus in a research report on Thursday, August 10th. Piper Jaffray Companies restated a buy rating and set a $43.00 target price on shares of Benefitfocus in a research report on Friday, August 4th. BidaskClub lowered shares of Benefitfocus from a buy rating to a hold rating in a research report on Monday, July 24th. Finally, Chardan Capital lowered shares of Benefitfocus from a buy rating to a neutral rating and decreased their target price for the stock from $36.00 to $30.00 in a research report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of Buy and a consensus target price of $39.78.

Shares of Benefitfocus (NASDAQ:BNFT) traded down 1.693% on Wednesday, hitting $27.575. The stock had a trading volume of 146,096 shares. The company’s 50 day moving average is $31.18 and its 200 day moving average is $32.05. Benefitfocus has a one year low of $24.55 and a one year high of $37.10. The stock’s market cap is $859.76 million.

Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.09. The business had revenue of $63.30 million during the quarter, compared to analyst estimates of $62.07 million. The firm’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.22) earnings per share. Equities research analysts predict that Benefitfocus will post ($0.30) EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Legal & General Group Plc raised its stake in shares of Benefitfocus by 13.2% in the 2nd quarter. Legal & General Group Plc now owns 3,593 shares of the software maker’s stock valued at $130,000 after acquiring an additional 420 shares during the period. Sei Investments Co. purchased a new position in shares of Benefitfocus in the 2nd quarter valued at $133,000. Aperio Group LLC purchased a new position in shares of Benefitfocus in the 2nd quarter valued at $222,000. ETRADE Capital Management LLC purchased a new position in shares of Benefitfocus in the 2nd quarter valued at $227,000. Finally, Voya Investment Management LLC purchased a new position in shares of Benefitfocus in the 2nd quarter valued at $245,000. 84.51% of the stock is currently owned by institutional investors and hedge funds.

Benefitfocus Company Profile

Benefitfocus, Inc (Benefitfocus) is a provider of cloud-based benefits management platform for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. The Company 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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