California Public Employees Retirement System reduced its stake in shares of Benefitfocus Inc. (NASDAQ:BNFT) by 3.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,400 shares of the company’s stock after selling 1,100 shares during the period. California Public Employees Retirement System owned about 0.12% of Benefitfocus worth $1,311,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the stock. Quantitative Investment Management LLC increased its position in shares of Benefitfocus by 3.1% in the second quarter. Quantitative Investment Management LLC now owns 6,600 shares of the company’s stock valued at $251,000 after buying an additional 200 shares during the last quarter. Societe Generale purchased a new stake in Benefitfocus during the second quarter worth $111,000. SG Americas Securities LLC purchased a new stake in Benefitfocus during the second quarter worth $111,000. Barclays PLC increased its stake in Benefitfocus by 180.7% in the first quarter. Barclays PLC now owns 13,410 shares of the company’s stock worth $442,000 after buying an additional 8,632 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Benefitfocus by 22.4% in the second quarter. Bank of New York Mellon Corp now owns 50,536 shares of the company’s stock worth $1,927,000 after buying an additional 9,235 shares during the last quarter. Hedge funds and other institutional investors own 78.96% of the company’s stock.
Benefitfocus Inc. (NASDAQ:BNFT) traded down 3.50% on Thursday, reaching $39.71. The company’s stock had a trading volume of 159,938 shares. The firm’s 50-day moving average price is $40.33 and its 200-day moving average price is $38.68. Benefitfocus Inc. has a 52-week low of $21.04 and a 52-week high of $44.98. The stock’s market cap is $1.18 billion.
Benefitfocus (NASDAQ:BNFT) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.37) by $0.15. The company earned $57.90 million during the quarter, compared to analysts’ expectations of $56.42 million. During the same quarter in the prior year, the business posted ($0.53) EPS. The company’s revenue for the quarter was up 35.6% compared to the same quarter last year. On average, equities analysts expect that Benefitfocus Inc. will post ($0.95) earnings per share for the current year.
A number of equities research analysts have recently weighed in on the company. Jefferies Group boosted their target price on Benefitfocus from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, August 12th. Zacks Investment Research downgraded Benefitfocus from a “buy” rating to a “hold” rating in a research report on Thursday, August 11th. Canaccord Genuity restated a “buy” rating and set a $48.00 target price on shares of Benefitfocus in a research report on Friday, August 5th. Deutsche Bank AG boosted their target price on Benefitfocus from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 4th. Finally, RBC Capital Markets restated a “sector perform” rating and set a $46.00 target price (up previously from $36.00) on shares of Benefitfocus in a research report on Monday, August 1st. Five research 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. The company currently has a consensus rating of “Buy” and an average price target of $48.22.
In other news, insider Mason R. Holland, Jr. sold 145,915 shares of Benefitfocus stock in a transaction on Monday, August 15th. The shares were sold at an average price of $42.18, for a total transaction of $6,154,694.70. Following the transaction, the insider now owns 22,537 shares in the company, valued at approximately $950,610.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Raymond Alexander August sold 16,408 shares of Benefitfocus stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $39.66, for a total transaction of $650,741.28. Following the transaction, the chief operating officer now owns 198,102 shares in the company, valued at approximately $7,856,725.32. The disclosure for this sale can be found here. 45.20% of the stock is currently owned by corporate insiders.
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.