Benefitfocus (NASDAQ:BNFT) had its price target increased by Wedbush from $44.00 to $57.00 in a report published on Tuesday morning, The Fly reports. Wedbush currently has an outperform rating on the software maker’s stock.
Other equities analysts have also recently issued reports about the stock. Guggenheim initiated coverage on shares of Benefitfocus in a research note on Monday, August 20th. They set a buy rating and a $45.00 price target for the company. ValuEngine raised shares of Benefitfocus from a hold rating to a buy rating in a research note on Monday, August 6th. BidaskClub cut shares of Benefitfocus from a strong-buy rating to a buy rating in a research note on Tuesday, September 18th. Zacks Investment Research raised shares of Benefitfocus from a hold rating to a buy rating and set a $47.00 price target for the company in a research note on Wednesday, November 7th. Finally, Jefferies Financial Group raised their price target on shares of Benefitfocus to $48.00 and gave the stock a buy rating in a research note on Friday, November 2nd. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Benefitfocus currently has an average rating of Buy and an average target price of $42.36.
Shares of BNFT opened at $50.63 on Tuesday. The company has a market cap of $1.66 billion, a PE ratio of -64.09 and a beta of 1.28. Benefitfocus has a twelve month low of $21.75 and a twelve month high of $54.72.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its holdings in shares of Benefitfocus by 4.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 115,895 shares of the software maker’s stock valued at $3,895,000 after buying an additional 4,406 shares during the last quarter. Voya Investment Management LLC acquired a new stake in shares of Benefitfocus in the 2nd quarter valued at approximately $263,000. Millennium Management LLC boosted its holdings in shares of Benefitfocus by 776.0% in the 2nd quarter. Millennium Management LLC now owns 735,496 shares of the software maker’s stock valued at $24,713,000 after buying an additional 651,532 shares during the last quarter. Laurion Capital Management LP acquired a new stake in shares of Benefitfocus in the 2nd quarter valued at approximately $2,242,000. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Benefitfocus by 4.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 78,992 shares of the software maker’s stock valued at $2,654,000 after buying an additional 3,648 shares during the last quarter. 93.71% of the stock is owned by institutional investors.
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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