Pendal Group Ltd decreased its position in shares of Benefitfocus Inc (NASDAQ:BNFT) by 33.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 40,921 shares of the software maker’s stock after selling 20,158 shares during the period. Pendal Group Ltd’s holdings in Benefitfocus were worth $1,655,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BNFT. Engineers Gate Manager LP bought a new stake in shares of Benefitfocus during the third quarter worth $786,000. Emerald Mutual Fund Advisers Trust bought a new stake in shares of Benefitfocus in the third quarter valued at about $1,384,000. Vanguard Capital Wealth Advisors bought a new stake in shares of Benefitfocus in the third quarter valued at about $210,000. Essex Investment Management Co. LLC raised its holdings in shares of Benefitfocus by 4.5% in the third quarter. Essex Investment Management Co. LLC now owns 44,360 shares of the software maker’s stock valued at $1,794,000 after acquiring an additional 1,897 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Benefitfocus by 22.1% in the second quarter. Northern Trust Corp now owns 250,644 shares of the software maker’s stock valued at $8,421,000 after acquiring an additional 45,389 shares in the last quarter. Institutional investors own 93.26% of the company’s stock.
In other Benefitfocus news, Director Francis J. Pelzer sold 5,000 shares of Benefitfocus stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $42.02, for a total value of $210,100.00. Following the transaction, the director now owns 19,275 shares in the company, valued at $809,935.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jonathon E. Dussault sold 4,045 shares of Benefitfocus stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $36.81, for a total value of $148,896.45. The disclosure for this sale can be found here. Insiders sold 10,295 shares of company stock worth $409,514 in the last quarter. 29.00% of the stock is owned by insiders.
Benefitfocus (NASDAQ:BNFT) last posted its earnings results on Thursday, November 1st. The software maker reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.05. The company had revenue of $61.00 million during the quarter, compared to analysts’ expectations of $59.91 million. During the same quarter last year, the firm earned ($0.06) EPS. Benefitfocus’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, equities research analysts anticipate that Benefitfocus Inc will post -1.18 EPS for the current fiscal year.
Several analysts recently weighed in on BNFT shares. Raymond James lifted their price objective on Benefitfocus from $40.00 to $50.00 and gave the company an “outperform” rating in a report on Friday, August 24th. BidaskClub downgraded Benefitfocus from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 18th. Wedbush lifted their price objective on Benefitfocus from $42.00 to $44.00 and gave the company an “outperform” rating in a report on Friday, November 2nd. ValuEngine upgraded Benefitfocus from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Finally, Guggenheim started coverage on Benefitfocus in a report on Monday, August 20th. They issued a “buy” rating and a $45.00 price objective for the company. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $40.45.
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Benefitfocus, Inc provides cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers in the United States. It operates through Employer and Carrier segments. The company's products for insurance carriers include Marketplaces, which are online shopping environments; eEnrollment that provides online enrollment for benefits; eBilling, an electronic invoice presentment and payment solution; eExchange, a solution for communication; eSales for carriers and brokers to organize and manage accounts, track leads, generate quotes, and create proposals for products; and Core & Advanced Analytics, a data analytics solution.
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