Bank of New York Mellon Corp raised its stake in shares of Benefitfocus, Inc. (NASDAQ:BNFT) by 33.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 70,045 shares of the software maker’s stock after purchasing an additional 17,744 shares during the period. Bank of New York Mellon Corp owned 0.23% of Benefitfocus worth $2,546,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. American International Group Inc. raised its position in Benefitfocus by 7.1% during the 1st quarter. American International Group Inc. now owns 7,926 shares of the software maker’s stock worth $222,000 after purchasing an additional 523 shares during the last quarter. Sei Investments Co. bought a new position in Benefitfocus during the 2nd quarter worth $133,000. Rhumbline Advisers raised its position in Benefitfocus by 21.3% during the 2nd quarter. Rhumbline Advisers now owns 21,193 shares of the software maker’s stock worth $770,000 after purchasing an additional 3,725 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Benefitfocus by 6.5% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 61,196 shares of the software maker’s stock worth $1,711,000 after purchasing an additional 3,744 shares during the last quarter. Finally, Wellington Management Group LLP raised its position in Benefitfocus by 0.7% during the 1st quarter. Wellington Management Group LLP now owns 528,870 shares of the software maker’s stock worth $14,782,000 after purchasing an additional 3,822 shares during the last quarter. 84.63% of the stock is owned by institutional investors and hedge funds.
BNFT has been the subject of several analyst reports. Zacks Investment Research lowered Benefitfocus from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Canaccord Genuity reissued a “buy” rating and issued a $35.00 price objective on shares of Benefitfocus in a research report on Tuesday, August 1st. BidaskClub lowered Benefitfocus from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Chardan Capital lowered Benefitfocus from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $36.00 to $30.00 in a research report on Friday, August 4th. Finally, Raymond James Financial, Inc. lifted their price objective on Benefitfocus from $38.00 to $43.00 and gave the stock an “outperform” rating in a research report on Thursday, July 27th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $39.78.
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Benefitfocus, Inc. (NASDAQ:BNFT) opened at 30.90 on Friday. The stock has a 50 day moving average price of $31.21 and a 200 day moving average price of $31.86. Benefitfocus, Inc. has a 52-week low of $24.55 and a 52-week high of $40.30. The company’s market capitalization is $963.43 million.
Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported ($0.05) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.09. The company had revenue of $63.30 million during the quarter, compared to the consensus estimate of $62.07 million. During the same period in the previous year, the company earned ($0.22) earnings per share. Benefitfocus’s quarterly revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that Benefitfocus, Inc. will post ($0.30) earnings per share for the current year.
Benefitfocus Company Profile
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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