Trading Report: The Bank of New York Mellon Corp decides to keep it stake in Benefitfocus Inc. (BNFT) to the level of $1,927,000

The Bank of New York Mellon Corp decides to keep it stake in Benefitfocus Inc. (BNFT) to the level of $1,927,000

Bank of New York Mellon Corp increased its position in Benefitfocus Inc. (NASDAQ:BNFT) by 22.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,536 shares of the company’s stock after buying an additional 9,235 shares during the period. Bank of New York Mellon Corp owned about 0.17% of Benefitfocus worth $1,927,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. RS Investment Management Co. LLC boosted its position in shares of Benefitfocus by 1.1% in the second quarter. RS Investment Management Co. LLC now owns 1,137,461 shares of the company’s stock worth $43,360,000 after buying an additional 12,183 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in shares of Benefitfocus during the first quarter worth approximately $939,000. State Street Corp boosted its position in shares of Benefitfocus by 5.0% in the first quarter. State Street Corp now owns 139,272 shares of the company’s stock worth $4,644,000 after buying an additional 6,677 shares during the period. Geode Capital Management LLC boosted its position in Benefitfocus by 8.9% in the first quarter. Geode Capital Management LLC now owns 92,409 shares of the company’s stock valued at $3,081,000 after buying an additional 7,523 shares during the period. Finally, Barclays PLC boosted its position in Benefitfocus by 180.7% in the first quarter. Barclays PLC now owns 13,410 shares of the company’s stock valued at $442,000 after buying an additional 8,632 shares during the period. 78.96% of the stock is currently owned by institutional investors and hedge funds.

Benefitfocus Inc. (NASDAQ:BNFT) traded up 0.19% during midday trading on Friday, reaching $41.65. The company’s stock had a trading volume of 83,411 shares. The company’s market cap is $1.24 billion. The firm has a 50 day moving average price of $40.20 and a 200-day moving average price of $38.37. Benefitfocus Inc. has a 12-month low of $21.04 and a 12-month high of $44.98.

Benefitfocus (NASDAQ:BNFT) last posted its quarterly earnings data 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 company earned $57.90 million during the quarter, compared to the consensus estimate of $56.42 million. Benefitfocus’s revenue for the quarter was up 35.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.53) earnings per share. On average, equities research analysts predict that Benefitfocus Inc. will post ($0.95) earnings per share for the current fiscal year.

Several equities analysts have recently issued reports on BNFT shares. Zacks Investment Research raised Benefitfocus from a “sell” rating to a “hold” rating in a research note on Monday, June 13th. Royal Bank Of Canada boosted their target price on Benefitfocus from $36.00 to $46.00 and gave the company a “sector perform” rating in a research note on Monday, August 1st. RBC Capital Markets reissued a “sector perform” rating and set a $46.00 target price (up from $36.00) on shares of Benefitfocus in a research note on Monday, August 1st. Deutsche Bank AG boosted their target price on Benefitfocus from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Finally, Jefferies Group boosted their target price on Benefitfocus from $43.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, August 4th. Five equities 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 stock. Benefitfocus presently has a consensus rating of “Buy” and a consensus target price of $48.22.

In other news, COO Raymond Alexander August sold 16,408 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $39.66, for a total value of $650,741.28. Following the completion of the sale, the chief operating officer now directly owns 198,102 shares of the company’s stock, valued at approximately $7,856,725.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mason R. Holland, Jr. sold 145,915 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $42.18, for a total value of $6,154,694.70. Following the completion of the sale, the insider now directly owns 22,537 shares of the company’s stock, valued at $950,610.66. The disclosure for this sale can be found here. 45.20% of the stock is owned by insiders.

Benefitfocus Company Profile

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.

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