Pendal Group Ltd Raises Stock Holdings in Benefitfocus Inc (NASDAQ:BNFT)

Pendal Group Ltd increased its position in Benefitfocus Inc (NASDAQ:BNFT) by 41.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 48,544 shares of the software maker’s stock after buying an additional 14,266 shares during the quarter. Pendal Group Ltd owned 0.15% of Benefitfocus worth $1,318,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Asset Management Inc. boosted its holdings in Benefitfocus by 211.2% in the first quarter. Meeder Asset Management Inc. now owns 803 shares of the software maker’s stock valued at $40,000 after acquiring an additional 545 shares in the last quarter. SG Americas Securities LLC bought a new stake in Benefitfocus in the first quarter valued at $162,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Benefitfocus by 19.2% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,760 shares of the software maker’s stock valued at $236,000 after acquiring an additional 766 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Benefitfocus by 1,577.0% in the first quarter. BNP Paribas Arbitrage SA now owns 6,557 shares of the software maker’s stock valued at $325,000 after acquiring an additional 6,166 shares in the last quarter. Finally, Raymond James Trust N.A. boosted its holdings in Benefitfocus by 9.9% in the second quarter. Raymond James Trust N.A. now owns 13,279 shares of the software maker’s stock valued at $361,000 after acquiring an additional 1,200 shares in the last quarter.

Several research firms recently weighed in on BNFT. Royal Bank of Canada reiterated a “hold” rating and issued a $46.00 price target on shares of Benefitfocus in a report on Thursday, August 8th. ValuEngine cut shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. Wedbush reiterated a “buy” rating and issued a $40.00 price target on shares of Benefitfocus in a report on Wednesday, August 7th. Wells Fargo & Co reiterated a “buy” rating on shares of Benefitfocus in a report on Wednesday, August 7th. Finally, BidaskClub upgraded shares of Benefitfocus from a “sell” rating to a “hold” rating in a report on Saturday, August 10th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.09.

In related news, CFO Lou Anne Gilmore sold 1,019 shares of the company’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $26.89, for a total value of $27,400.91. Following the transaction, the chief financial officer now owns 34,133 shares in the company, valued at approximately $917,836.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 29.00% of the company’s stock.

Shares of BNFT stock traded up $0.24 during mid-day trading on Friday, reaching $26.31. 2,118 shares of the company’s stock traded hands, compared to its average volume of 459,800. Benefitfocus Inc has a 12 month low of $22.82 and a 12 month high of $60.66. The company has a market cap of $890.99 million, a P/E ratio of -17.56 and a beta of 1.30. The company’s 50-day moving average price is $25.93 and its 200-day moving average price is $37.08.

Benefitfocus (NASDAQ:BNFT) last announced its earnings results on Tuesday, August 6th. The software maker reported ($0.42) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.64) by $0.22. The business had revenue of $68.60 million for the quarter, compared to the consensus estimate of $67.51 million. During the same quarter last year, the firm posted ($0.24) EPS. The business’s quarterly revenue was up 13.2% on a year-over-year basis. On average, sell-side analysts expect that Benefitfocus Inc will post -1.44 EPS for the current year.

About Benefitfocus

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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