Benefitfocus Inc. (NASDAQ:BNFT) shares fell 4.8% on Thursday after an insider sold shares in the company. The company traded as low as $39.09 and last traded at $39.17, with a volume of 174,646 shares trading hands. The stock had previously closed at $41.15.
Specifically, COO Raymond Alexander August sold 16,408 shares of the stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $39.66, for a total value of $650,741.28. Following the sale, the chief operating officer now owns 198,102 shares in the company, valued at $7,856,725.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mason R. Holland, Jr. sold 145,915 shares of the stock in a transaction on Monday, August 15th. The stock was sold at an average price of $42.18, for a total transaction of $6,154,694.70. Following the completion of the sale, the insider now owns 22,537 shares in the company, valued at approximately $950,610.66. The disclosure for this sale can be found here. 45.20% of the stock is currently owned by insiders.
A number of brokerages recently issued reports on BNFT. Jefferies Group increased their price target on shares of Benefitfocus from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, August 12th. Zacks Investment Research downgraded shares of Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, August 11th. Canaccord Genuity reissued a “buy” rating and set a $48.00 price target on shares of Benefitfocus in a report on Friday, August 5th. Deutsche Bank AG increased their price target on shares of Benefitfocus from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Finally, RBC Capital Markets reissued a “sector perform” rating and set a $46.00 price target (up from $36.00) on shares of Benefitfocus in a report on Monday, August 1st. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $48.22.
The firm’s market cap is $1.16 billion. The firm has a 50-day moving average of $40.33 and a 200-day moving average of $38.68.
Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.37) by $0.15. The business had revenue of $57.90 million for the quarter, compared to analysts’ expectations of $56.42 million. During the same quarter in the previous year, the company earned ($0.53) earnings per share. The business’s quarterly revenue was up 35.6% on a year-over-year basis. On average, analysts anticipate that Benefitfocus Inc. will post ($0.95) EPS for the current year.
A number of hedge funds have recently bought and sold shares of the stock. Quantitative Investment Management LLC raised its stake in Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock worth $251,000 after buying an additional 200 shares in the last quarter. BlackRock Advisors LLC raised its stake in Benefitfocus by 48.2% in the second quarter. BlackRock Advisors LLC now owns 6,233 shares of the company’s stock worth $238,000 after buying an additional 2,026 shares in the last quarter. American International Group Inc. raised its stake in Benefitfocus by 60.6% in the second quarter. American International Group Inc. now owns 7,412 shares of the company’s stock worth $283,000 after buying an additional 2,796 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Benefitfocus during the second quarter worth $111,000. Finally, Societe Generale purchased a new stake in Benefitfocus during the second quarter worth $111,000. Institutional investors and hedge funds own 78.96% of the company’s stock.