Polar Capital LLP Increases Position in Benefitfocus Inc (BNFT)

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Polar Capital LLP boosted its position in shares of Benefitfocus Inc (NASDAQ:BNFT) by 6.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 303,854 shares of the software maker’s stock after buying an additional 18,365 shares during the period. Polar Capital LLP owned approximately 0.95% of Benefitfocus worth $13,892,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Benefitfocus by 52.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,255 shares of the software maker’s stock valued at $57,000 after buying an additional 433 shares during the last quarter. Pier 88 Investment Partners LLC bought a new position in Benefitfocus during the fourth quarter valued at approximately $69,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Benefitfocus during the third quarter valued at approximately $185,000. Ibex Investors LLC bought a new position in Benefitfocus during the third quarter valued at approximately $206,000. Finally, Legal & General Group Plc boosted its stake in Benefitfocus by 84.9% during the third quarter. Legal & General Group Plc now owns 5,861 shares of the software maker’s stock valued at $238,000 after buying an additional 2,691 shares during the last quarter. 86.26% of the stock is owned by institutional investors.

Shares of BNFT stock opened at $45.24 on Friday. Benefitfocus Inc has a 1 year low of $21.75 and a 1 year high of $60.66. The company 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 data on Tuesday, February 26th. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.04. The company had revenue of $74.80 million for the quarter, compared to analysts’ expectations of $73.03 million. During the same quarter last year, the company earned ($0.06) earnings per share. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts predict that Benefitfocus Inc will post -1.05 EPS for the current year.

In other news, Director Francis J. Pelzer sold 1,630 shares of the stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $60.04, for a total value of $97,865.20. Following the sale, the director now directly owns 16,145 shares in the company, valued at $969,345.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Goldman Sachs Group Inc sold 3,254,735 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $46.80, for a total value of $152,321,598.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,257,115 shares of company stock worth $152,460,658. Company insiders own 29.00% of the company’s stock.

A number of equities analysts recently commented on BNFT shares. Raymond James increased their price target on Benefitfocus from $50.00 to $58.00 and gave the company an “outperform” rating in a research note on Friday, November 30th. Wedbush increased their price target on Benefitfocus from $44.00 to $57.00 and gave the company an “outperform” rating in a research note on Tuesday, December 4th. Piper Jaffray Companies reissued a “positive” rating and set a $61.00 price target on shares of Benefitfocus in a research note on Tuesday, December 11th. Wells Fargo & Co upped their price objective on Benefitfocus from $50.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, December 19th. Finally, Royal Bank of Canada upped their price objective on Benefitfocus to $58.00 and gave the company an “average” rating in a research report on Wednesday, December 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $50.75.

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Benefitfocus Profile

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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