Benefitfocus Inc (BNFT) Received Purchase Rating from Chardan Capital

Benefitfocus Inc (BNFT) Received Purchase Rating from Chardan Capital

Chardan Capital reissued their buy rating on shares of Benefitfocus Inc (NASDAQ:BNFT) in a research report sent to investors on Wednesday morning. The brokerage currently has a $31.00 price objective on the stock.

A number of other research analysts have also recently commented on the company. Berenberg Bank started coverage on Benefitfocus in a research note on Tuesday, February 7th. They set a buy rating and a $36.00 price target on the stock. Canaccord Genuity restated a buy rating and set a $35.00 price target on shares of Benefitfocus in a research note on Wednesday, February 22nd. Jefferies Group LLC decreased their price target on Benefitfocus from $41.00 to $35.00 and set a buy rating on the stock in a research note on Friday, February 24th. Zacks Investment Research cut Benefitfocus from a hold rating to a sell rating in a research note on Thursday, February 23rd. Finally, Royal Bank of Canada restated a hold rating and set a $33.00 price target on shares of Benefitfocus in a research note on Friday, February 24th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of Buy and an average price target of $39.11.

Shares of Benefitfocus (NASDAQ:BNFT) opened at 27.50 on Wednesday. The firm’s 50-day moving average is $27.82 and its 200-day moving average is $32.13. Benefitfocus has a 52-week low of $24.55 and a 52-week high of $44.98. The firm’s market cap is $844.64 million.

Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings results on Thursday, February 23rd. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.03. The firm had revenue of $62.60 million for the quarter, compared to analyst estimates of $62.96 million. During the same quarter last year, the company earned ($0.33) earnings per share. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. Analysts anticipate that Benefitfocus will post ($0.31) earnings per share for the current year.

Several hedge funds have recently made changes to their positions in BNFT. Royal Bank of Canada bought a new stake in shares of Benefitfocus during the second quarter valued at about $347,000. Hamilton Lane Advisors LLC boosted its stake in shares of Benefitfocus by 138.7% in the third quarter. Hamilton Lane Advisors LLC now owns 68,094 shares of the company’s stock valued at $2,718,000 after buying an additional 39,567 shares during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Benefitfocus by 5.2% in the third quarter. Nationwide Fund Advisors now owns 53,060 shares of the company’s stock valued at $2,118,000 after buying an additional 2,620 shares during the last quarter. Manning & Napier Advisors LLC boosted its stake in shares of Benefitfocus by 12.0% in the third quarter. Manning & Napier Advisors LLC now owns 305,893 shares of the company’s stock valued at $12,210,000 after buying an additional 32,750 shares during the last quarter. Finally, Peregrine Capital Management LLC bought a new stake in shares of Benefitfocus during the third quarter valued at about $21,066,000. Institutional investors and hedge funds own 80.97% of the company’s stock.

About Benefitfocus

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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