Peregrine Capital Management LLC Increases Position in Benefitfocus Inc (NASDAQ:BNFT)

Peregrine Capital Management LLC raised its position in Benefitfocus Inc (NASDAQ:BNFT) by 9.7% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 402,974 shares of the software maker’s stock after acquiring an additional 35,467 shares during the quarter. Peregrine Capital Management LLC’s holdings in Benefitfocus were worth $10,941,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of BNFT. Advisory Services Network LLC acquired a new stake in Benefitfocus in the 4th quarter worth about $27,000. Meeder Asset Management Inc. boosted its holdings in Benefitfocus by 211.2% in the 1st quarter. Meeder Asset Management Inc. now owns 803 shares of the software maker’s stock worth $40,000 after buying an additional 545 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Benefitfocus in the 1st quarter worth about $162,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Benefitfocus by 19.2% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,760 shares of the software maker’s stock worth $236,000 after buying an additional 766 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its holdings in Benefitfocus by 396.6% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 7,042 shares of the software maker’s stock worth $322,000 after buying an additional 5,624 shares during the last quarter. Institutional investors own 99.02% of the company’s stock.

In other Benefitfocus news, insider Raymond Alexander August acquired 3,200 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $31.15 per share, for a total transaction of $99,680.00. Following the completion of the acquisition, the insider now owns 511,925 shares of the company’s stock, valued at approximately $15,946,463.75. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Lou Anne Gilmore sold 1,019 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $26.89, for a total value of $27,400.91. Following the completion of the transaction, the chief financial officer now owns 34,133 shares in the company, valued at $917,836.37. The disclosure for this sale can be found here. Corporate insiders own 9.70% of the company’s stock.

Several research firms recently issued reports on BNFT. Wells Fargo & Co reiterated a “hold” rating and issued a $70.00 price objective on shares of Church & Dwight in a report on Thursday, May 2nd. Zacks Investment Research cut Hallmark Financial Services from a “buy” rating to a “hold” rating in a report on Thursday, July 25th. Wedbush lowered their target price on Benefitfocus from $52.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday. ValuEngine upgraded VESTAS WIND SYS/ADR from a “hold” rating to a “buy” rating in a report on Thursday, May 9th. Finally, Royal Bank of Canada boosted their target price on Shopify from C$230.00 to C$265.00 and gave the stock an “outperform” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $48.00.

Shares of Benefitfocus stock opened at $26.29 on Wednesday. The firm has a market cap of $853.60 million, a PE ratio of -17.64 and a beta of 1.35. The business’s 50 day moving average is $26.28. Benefitfocus Inc has a 1-year low of $24.54 and a 1-year high of $60.66.

Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings data on Wednesday, May 1st. The software maker reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). The company had revenue of $68.30 million during the quarter, compared to analysts’ expectations of $67.77 million. During the same quarter in the previous year, the company earned ($0.26) EPS. The business’s revenue was up 9.5% compared to the same quarter last year. As a group, equities research analysts expect that Benefitfocus Inc will post -1.59 earnings per share for the current year.

Benefitfocus Company Profile

Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, suppliers, and brokers in the United States. The company operates through Employer and Carrier segments. Its products for insurance carriers include BenefitsPlace, a transaction-oriented, marketplace solution; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution that bridges the integration gap between carrier and employer systems; eSales for carriers and brokers tools to organize and manage accounts, track leads, generate quotes, and create proposals for various products; and Core & Advanced Analytics, a data analytics solution.

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Institutional Ownership by Quarter for Benefitfocus (NASDAQ:BNFT)

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