Oak Ridge Investments LLC boosted its position in Benefitfocus, Inc. (NASDAQ:BNFT) by 199.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 346,805 shares of the software maker’s stock after purchasing an additional 230,892 shares during the quarter. Oak Ridge Investments LLC owned about 1.12% of Benefitfocus worth $12,606,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. FMR LLC raised its stake in Benefitfocus by 10.4% in the 1st quarter. FMR LLC now owns 2,736,113 shares of the software maker’s stock valued at $76,475,000 after purchasing an additional 257,567 shares during the last quarter. Frontier Capital Management Co. LLC increased its stake in shares of Benefitfocus by 46.1% in the 1st quarter. Frontier Capital Management Co. LLC now owns 2,101,828 shares of the software maker’s stock worth $58,746,000 after acquiring an additional 663,362 shares during the last quarter. Credit Suisse AG increased its stake in shares of Benefitfocus by 4,598.7% in the 1st quarter. Credit Suisse AG now owns 623,144 shares of the software maker’s stock worth $17,416,000 after acquiring an additional 609,882 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Benefitfocus by 0.7% in the 1st quarter. Wellington Management Group LLP now owns 528,870 shares of the software maker’s stock worth $14,782,000 after acquiring an additional 3,822 shares during the last quarter. Finally, Citadel Advisors LLC increased its stake in shares of Benefitfocus by 228.5% in the 1st quarter. Citadel Advisors LLC now owns 407,928 shares of the software maker’s stock worth $11,401,000 after acquiring an additional 283,755 shares during the last quarter. 84.63% of the stock is owned by hedge funds and other institutional investors.
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Benefitfocus, Inc. (NASDAQ:BNFT) remained flat at $31.05 during trading on Monday. The company’s stock had a trading volume of 23,700 shares. The company’s market cap is $968.11 million. Benefitfocus, Inc. has a 12-month low of $24.55 and a 12-month high of $42.49. The stock’s 50 day moving average price is $30.91 and its 200-day moving average price is $31.03.
Benefitfocus (NASDAQ:BNFT) last released its earnings results on Thursday, August 3rd. The software maker reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.09. The business had revenue of $63.30 million during the quarter, compared to analyst estimates of $62.07 million. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.22) earnings per share. Equities research analysts predict that Benefitfocus, Inc. will post ($0.30) EPS for the current year.
A number of analysts have issued reports on the company. Raymond James Financial, Inc. raised their target price on Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Wednesday, June 28th. BidaskClub downgraded Benefitfocus from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Canaccord Genuity reaffirmed a “buy” rating and issued a $35.00 target price on shares of Benefitfocus in a research note on Tuesday, August 1st. Finally, Chardan Capital downgraded Benefitfocus from a “buy” rating to a “neutral” rating and cut their target price for the stock from $36.00 to $30.00 in a research note on Friday, August 4th. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $39.00.
Benefitfocus, Inc (Benefitfocus) is a provider of cloud-based benefits management platform for consumers, employers, insurance carriers and brokers. The Benefitfocus Platform allows how organizations and individuals shop for, enroll in, manage and exchange benefits. The Company 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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