Benefitfocus (BNFT) Stock Rating Lowered by Zacks Investment Research

Benefitfocus (NASDAQ:BNFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

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 research analysts have also issued research reports about the stock. BidaskClub lowered shares of Benefitfocus from a “buy” rating to a “hold” rating in a research note on Friday, October 12th. Jefferies Financial Group upped their price target on shares of Benefitfocus to $48.00 and gave the company a “buy” rating in a research note on Friday, November 2nd. Wedbush initiated coverage on shares of Benefitfocus in a research note on Thursday, October 18th. They set an “outperform” rating and a $42.00 price target on the stock. Raymond James increased their price objective on shares of Benefitfocus from $50.00 to $58.00 and gave the stock an “outperform” rating in a research note on Friday, November 30th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $49.00 price objective on shares of Benefitfocus in a research note on Friday, November 2nd. Three research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $49.27.

Benefitfocus stock traded up $0.48 during mid-day trading on Thursday, reaching $50.36. 297,175 shares of the company traded hands, compared to its average volume of 350,022. Benefitfocus has a fifty-two week low of $21.75 and a fifty-two week high of $55.44. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of -63.75 and a beta of 1.19.

Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings results on Thursday, November 1st. The software maker reported ($0.23) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.28) by $0.05. The company had revenue of $61.00 million for the quarter, compared to analyst estimates of $59.91 million. During the same quarter in the previous year, the company posted ($0.06) EPS. The company’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that Benefitfocus will post -1.15 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in BNFT. Rhumbline Advisers increased its stake in shares of Benefitfocus by 142.3% in the second quarter. Rhumbline Advisers now owns 64,412 shares of the software maker’s stock worth $2,164,000 after acquiring an additional 37,823 shares during the period. Bank of New York Mellon Corp grew its position in Benefitfocus by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 78,992 shares of the software maker’s stock valued at $2,654,000 after buying an additional 3,648 shares during the period. Schwab Charles Investment Management Inc. grew its position in Benefitfocus by 4.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 115,895 shares of the software maker’s stock valued at $3,895,000 after buying an additional 4,406 shares during the period. GSA Capital Partners LLP acquired a new stake in Benefitfocus during the second quarter valued at $665,000. Finally, BlackRock Inc. grew its position in Benefitfocus by 25.8% during the second quarter. BlackRock Inc. now owns 1,344,893 shares of the software maker’s stock valued at $45,189,000 after buying an additional 275,749 shares during the period. Hedge funds and other institutional investors own 93.71% of the company’s stock.

Benefitfocus Company Profile

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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