Benefitfocus Receives a Buy from Jefferies

By Austin Angelo

Jefferies analyst John Difucci reiterated a Buy rating on Benefitfocus (NASDAQ: BNFT) yesterday and set a price target of $50. The company’s shares closed yesterday at $29.45.

Difucci wrote:

“BNFT reports 3Q results after the close today. We believe BNFT remains very well positioned in the secular shift towards defined contribution healthcare benefits. We think investors’ focus will be on the recent CFO hire, customer acceleration, margin progression, and the recent credit line amendment. Conference call details.”

According to TipRanks.com, Difucci is a 5-star analyst with an average return of 6.3% and a 46.8% success rate. Difucci covers the Technology sector, focusing on stocks such as SS&C Technologies Holdings, CommVault Systems, and AVG Technologies.

Benefitfocus has an analyst consensus of Moderate Buy, with a price target consensus of $50.

The company has a one year high of $44.98 and a one year low of $21.04. Currently, Benefitfocus has an average volume of 197.6K.

Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Shawn Jenkins, the CEO of BNFT sold 50,000 shares for a total of $2,101,000.

Benefitfocus, Inc. engages in the provision of cloud-based benefits management platform for consumers, employers, insurance carriers, and brokers. It operates through the Employer and Carrier segments. The Employer segment involves in providing products and services for employers, which include HR InTouch, HR InTouch Marketplace, Benefit Informatics, HR Support Center, implementation services, media and animation services, app development platform, and software-enabled services. The Carrier segment offers products and services for insurance carriers, which include eEnrollment, eBilling, eExchange, eSales, eDirect, benefit informatics, implementation services, media and animation services, app development platform, and software-enabled services. The company was founded by Mason R. Holland and Shawn A. Jenkins in June 2000 and is headquartered in Charleston, SC.