Goldman Sachs Group Inc Sells 3,254,735 Shares of Benefitfocus Inc (BNFT) Stock

Benefitfocus Inc (NASDAQ:BNFT) major shareholder Goldman Sachs Group Inc sold 3,254,735 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $46.80, for a total value of $152,321,598.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Shares of NASDAQ BNFT traded down $0.18 during mid-day trading on Thursday, hitting $46.07. The company had a trading volume of 344,905 shares, compared to its average volume of 265,754. Benefitfocus Inc has a 12 month low of $21.75 and a 12 month high of $60.66.

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Benefitfocus (NASDAQ:BNFT) last announced its quarterly earnings results on Tuesday, February 26th. The software maker reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.04. The company had revenue of $74.80 million during the quarter, compared to the consensus estimate of $73.03 million. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business posted ($0.06) EPS. On average, research analysts forecast that Benefitfocus Inc will post -1.05 earnings per share for the current year.

BNFT has been the subject of several research reports. Jefferies Financial Group lowered Benefitfocus from a “buy” rating to a “hold” rating and lifted their target price for the stock from $48.00 to $55.00 in a research report on Wednesday, February 27th. BidaskClub lowered Benefitfocus from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research upgraded Benefitfocus from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a research report on Wednesday, January 23rd. Wedbush reiterated a “buy” rating and issued a $57.00 target price on shares of Benefitfocus in a research report on Wednesday, December 19th. Finally, Royal Bank of Canada lifted their target price on Benefitfocus to $58.00 and gave the stock an “average” rating in a research report on Wednesday, December 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Benefitfocus presently has a consensus rating of “Buy” and a consensus target price of $50.75.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 during the last quarter. Advisory Services Network LLC bought a new stake in shares of Benefitfocus in the 4th quarter worth approximately $27,000. Raymond James Trust N.A. lifted its holdings in shares of Benefitfocus by 10.5% in the 4th quarter. Raymond James Trust N.A. now owns 11,579 shares of the software maker’s stock worth $529,000 after purchasing an additional 1,100 shares during the last quarter. Pier 88 Investment Partners LLC bought a new stake in shares of Benefitfocus in the 4th quarter worth approximately $69,000. Finally, American International Group Inc. lifted its holdings in shares of Benefitfocus by 14.8% in the 3rd quarter. American International Group Inc. now owns 14,874 shares of the software maker’s stock worth $602,000 after purchasing an additional 1,913 shares during the last quarter. 93.28% of the stock is currently owned by institutional investors and hedge funds.

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Benefitfocus Company 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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