Polar Capital LLP Buys 18,365 Shares of Benefitfocus Inc (BNFT)

Polar Capital LLP raised its stake in shares of Benefitfocus Inc (NASDAQ:BNFT) by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 303,854 shares of the software maker’s stock after acquiring an additional 18,365 shares during the quarter. Polar Capital LLP’s holdings in Benefitfocus were worth $13,892,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BNFT. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Benefitfocus by 52.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,255 shares of the software maker’s stock worth $57,000 after purchasing an additional 433 shares in the last quarter. Pier 88 Investment Partners LLC acquired a new stake in shares of Benefitfocus in the 4th quarter worth $69,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Benefitfocus in the 3rd quarter worth $185,000. Ibex Investors LLC acquired a new stake in shares of Benefitfocus in the 3rd quarter worth $206,000. Finally, Legal & General Group Plc boosted its position in shares of Benefitfocus by 84.9% in the 3rd quarter. Legal & General Group Plc now owns 5,861 shares of the software maker’s stock worth $238,000 after purchasing an additional 2,691 shares in the last quarter. 86.26% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have recently weighed in on the company. Wedbush raised their price objective on Benefitfocus from $44.00 to $57.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 4th. Raymond James lifted their price target on Benefitfocus from $50.00 to $58.00 and gave the stock an “outperform” rating in a research report on Friday, November 30th. BidaskClub cut Benefitfocus from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 28th. Royal Bank of Canada cut Benefitfocus from an “outperform” rating to a “sector perform” rating and set a $58.00 price target for the company. in a research report on Wednesday, February 27th. Finally, Zacks Investment Research raised Benefitfocus from a “hold” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Tuesday, January 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $50.75.

In other Benefitfocus news, major shareholder Goldman Sachs Group Inc sold 3,254,735 shares of Benefitfocus stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $46.80, for a total transaction of $152,321,598.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Francis J. Pelzer sold 1,630 shares of Benefitfocus stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $60.04, for a total value of $97,865.20. Following the transaction, the director now owns 16,145 shares of the company’s stock, valued at approximately $969,345.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,257,115 shares of company stock valued at $152,460,658. 29.00% of the stock is currently owned by insiders.

Shares of BNFT opened at $45.24 on Friday. Benefitfocus Inc has a one year low of $21.75 and a one year high of $60.66. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of -30.36 and a beta of 1.43.

Benefitfocus (NASDAQ:BNFT) last issued its quarterly earnings results on Tuesday, February 26th. The software maker reported $0.14 EPS for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.04. The firm had revenue of $74.80 million for the quarter, compared to analyst estimates of $73.03 million. During the same period in the prior year, the firm posted ($0.06) EPS. The business’s revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that Benefitfocus Inc will post -1.05 earnings per share for the current year.

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About Benefitfocus

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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Institutional Ownership by Quarter for Benefitfocus (NASDAQ:BNFT)

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