Nationwide Fund Advisors raised its stake in shares of Benefitfocus Inc. (NASDAQ:BNFT) by 13.1% during the second quarter, Holdings Channel reports. The firm owned 50,440 shares of the company’s stock after buying an additional 5,852 shares during the period. Nationwide Fund Advisors owned about 0.17% of Benefitfocus worth $1,923,000 as of its most recent filing with the SEC.
A number of other large investors have also added to or reduced their stakes in BNFT. GMT Capital Corp acquired a new stake in Benefitfocus during the second quarter valued at approximately $5,542,000. First Trust Advisors LP acquired a new stake in Benefitfocus during the second quarter valued at approximately $476,000. Fortaleza Asset Management Inc. acquired a new stake in Benefitfocus during the second quarter valued at approximately $122,000. State Board of Administration of Florida Retirement System acquired a new stake in Benefitfocus during the second quarter valued at approximately $297,000. Finally, SG Americas Securities LLC acquired a new stake in Benefitfocus during the second quarter valued at approximately $111,000. 78.96% of the stock is currently owned by institutional investors and hedge funds.
Benefitfocus Inc. (NASDAQ:BNFT) traded up 0.99% on Friday, hitting $39.90. 33,534 shares of the company traded hands. Benefitfocus Inc. has a 1-year low of $21.04 and a 1-year high of $44.98. The firm’s market capitalization is $1.18 billion. The firm’s 50 day moving average price is $40.29 and its 200 day moving average price is $38.69.
Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.15. The firm earned $57.90 million during the quarter, compared to analysts’ expectations of $56.42 million. The company’s revenue for the quarter was up 35.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.53) earnings per share. Equities research analysts predict that Benefitfocus Inc. will post ($0.95) EPS for the current fiscal year.
Several equities research analysts have commented on the stock. RBC Capital Markets reaffirmed a “sector perform” rating and set a $46.00 price objective (up from $36.00) on shares of Benefitfocus in a report on Monday, August 1st. Canaccord Genuity reaffirmed a “buy” rating and set a $48.00 price objective on shares of Benefitfocus in a report on Friday, August 5th. Royal Bank Of Canada upped their price objective on shares of Benefitfocus from $36.00 to $46.00 and gave the company a “sector perform” rating in a report on Monday, August 1st. Jefferies Group upped their price objective on shares of Benefitfocus from $43.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Finally, Deutsche Bank AG upped their price objective on shares of Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 4th. Five analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $48.22.
In other Benefitfocus news, insider Mason R. Holland, Jr. sold 145,915 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $42.18, for a total value of $6,154,694.70. Following the transaction, the insider now directly owns 22,537 shares of the company’s stock, valued at $950,610.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Raymond Alexander August sold 16,408 shares of the firm’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $39.66, for a total value of $650,741.28. Following the completion of the transaction, the chief operating officer now directly owns 198,102 shares in the company, valued at $7,856,725.32. The disclosure for this sale can be found here. 45.20% of the stock is owned by company insiders.
Benefitfocus Company Profile
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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