Elk Creek Partners LLC reduced its holdings in Benefitfocus Inc (NASDAQ:BNFT) by 8.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 374,459 shares of the software maker’s stock after selling 32,551 shares during the quarter. Elk Creek Partners LLC owned approximately 1.17% of Benefitfocus worth $15,147,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in BNFT. Millennium Management LLC increased its position in Benefitfocus by 776.0% in the 2nd quarter. Millennium Management LLC now owns 735,496 shares of the software maker’s stock valued at $24,713,000 after acquiring an additional 651,532 shares during the period. FMR LLC increased its position in Benefitfocus by 8.8% in the 3rd quarter. FMR LLC now owns 4,782,986 shares of the software maker’s stock valued at $193,472,000 after acquiring an additional 387,986 shares during the period. BlackRock Inc. increased its position in Benefitfocus by 25.8% in the 2nd quarter. BlackRock Inc. now owns 1,344,893 shares of the software maker’s stock valued at $45,189,000 after acquiring an additional 275,749 shares during the period. Artisan Partners Limited Partnership increased its position in Benefitfocus by 16.4% in the 2nd quarter. Artisan Partners Limited Partnership now owns 1,186,444 shares of the software maker’s stock valued at $39,865,000 after acquiring an additional 167,263 shares during the period. Finally, Laurion Capital Management LP acquired a new position in Benefitfocus in the 2nd quarter valued at approximately $2,242,000. Hedge funds and other institutional investors own 93.39% of the company’s stock.
BNFT opened at $43.25 on Friday. Benefitfocus Inc has a twelve month low of $21.75 and a twelve month high of $45.88.
Several equities analysts have issued reports on the stock. ValuEngine upgraded shares of Benefitfocus from a “hold” rating to a “buy” rating in a research report on Monday, August 6th. BidaskClub cut shares of Benefitfocus from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 1st. Zacks Investment Research cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Wedbush assumed coverage on shares of Benefitfocus in a research report on Thursday, October 18th. They issued an “outperform” rating and a $42.00 price target for the company. Finally, Jefferies Financial Group upped their price target on shares of Benefitfocus to $48.00 and gave the company a “buy” rating in a research report on Friday, November 2nd. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Benefitfocus presently has a consensus rating of “Buy” and an average price target of $40.45.
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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