Emerald Acquisition Ltd. purchased a new stake in Benefitfocus Inc. (NASDAQ:BNFT) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 34,910 shares of the company’s stock, valued at approximately $1,331,000. Emerald Acquisition Ltd. owned 0.12% of Benefitfocus at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. Societe Generale bought a new stake in shares of Benefitfocus during the second quarter valued at about $111,000. Quantitative Investment Management LLC increased its stake 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 period. Barclays PLC increased its stake in shares of 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. Jacobs Levy Equity Management Inc. bought a new stake in shares of Benefitfocus during the first quarter valued at about $939,000. Finally, California State Teachers Retirement System increased its stake in shares of Benefitfocus by 62.2% in the second quarter. California State Teachers Retirement System now owns 26,998 shares of the company’s stock valued at $1,029,000 after buying an additional 10,350 shares during the period. 78.96% of the stock is currently owned by institutional investors and hedge funds.
Shares of Benefitfocus Inc. (NASDAQ:BNFT) traded up 0.207% during trading on Thursday, hitting $41.245. The stock had a trading volume of 64,159 shares. The stock’s 50 day moving average is $40.18 and its 200 day moving average is $38.34. The stock’s market capitalization is $1.22 billion. Benefitfocus Inc. has a 52 week low of $21.04 and a 52 week high of $44.98.
Benefitfocus (NASDAQ:BNFT) last released its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.22) earnings per share 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. During the same quarter in the prior year, the company posted ($0.53) earnings per share. The company’s revenue for the quarter was up 35.6% on a year-over-year basis. On average, equities research analysts expect that Benefitfocus Inc. will post ($0.95) earnings per share for the current fiscal year.
Several analysts recently issued reports on BNFT shares. Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a report on Monday, August 8th. Canaccord Genuity reissued a “buy” rating and issued a $48.00 price target on shares of Benefitfocus in a report on Friday, August 5th. Jefferies Group raised their price target on Benefitfocus from $43.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, August 4th. Deutsche Bank AG raised their price target on 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 issued a $46.00 price target (up previously from $36.00) on shares of Benefitfocus in a report on Monday, August 1st. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $48.22.
In other news, COO Raymond Alexander August sold 16,408 shares of the company’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 sale, the chief operating officer now directly owns 198,102 shares in the company, valued at approximately $7,856,725.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mason R. Holland, Jr. sold 145,915 shares of the company’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 owns 22,537 shares in the company, 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.