Berenberg Bank assumed coverage on shares of Benefitfocus, Inc. (NASDAQ:BNFT) in a research note issued to investors on Tuesday morning. The brokerage issued a buy rating and a $36.00 target price on the stock.
Other equities research analysts have also issued research reports about the company. Deutsche Bank AG reaffirmed a buy rating and set a $65.00 price target (up previously from $45.00) on shares of Benefitfocus in a research report on Friday, November 4th. Chardan Capital began coverage on Benefitfocus in a research report on Friday, January 6th. They set a buy rating and a $36.00 price target on the stock. Raymond James Financial, Inc. reaffirmed an outperform rating and set a $34.00 price target (down previously from $56.00) on shares of Benefitfocus in a research report on Friday, November 4th. Finally, Jefferies Group LLC reaffirmed a buy rating and set a $50.00 price target on shares of Benefitfocus in a research report on Tuesday, November 1st. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $45.00.
Shares of Benefitfocus (NASDAQ:BNFT) opened at 28.85 on Tuesday. The company’s market cap is $858.29 million. The firm’s 50-day moving average price is $30.39 and its 200-day moving average price is $34.79. Benefitfocus has a 12 month low of $24.12 and a 12 month high of $44.98.
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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System bought a new position in Benefitfocus during the second quarter worth $297,000. Summit Securities Group LLC acquired a new position in shares of Benefitfocus during the third quarter valued at approximately $324,000. Royal Bank of Canada acquired a new position in shares of Benefitfocus during the second quarter valued at approximately $347,000. Metropolitan Life Insurance Co. NY increased its position in shares of Benefitfocus by 62.3% in the second quarter. Metropolitan Life Insurance Co. NY now owns 9,506 shares of the company’s stock valued at $362,000 after buying an additional 3,648 shares in the last quarter. Finally, First Trust Advisors LP acquired a new position in shares of Benefitfocus during the second quarter valued at approximately $476,000. Hedge funds and other institutional investors own 80.97% of the company’s stock.
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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