Benefitfocus, Inc. provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based benefits management portal that streamlines online enrollment, employee communication, and benefit administration; Health Insights, a data analytics solution; ACA Management and Reporting, a solution for employers to manage ACA compliance; Billing & Payments, an application that synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments, and enhance accuracy of payments; and COBRA Administration, a solution that simplifies management of Consolidated Omnibus Budget Reconciliation Act, benefits. The company's products for health plans include Enrollment that provides platform for carriers to automate enrollment across all segments of their commercial group business; Billing & Payments, an electronic invoice presentment and payment solution; Exchange, a solution that bridges the integration gap between health plan and employer systems; and Quoting that gives health plans and brokers tools to organize and proactively manage accounts, track leads, generate quotes, and create proposals for multiple products. Its products for brokers consist of Health Insights that support strategic decisions for their clients with on-demand health plan analytics; Benefit Catalog, which allows brokers to offer products to their clients; and benefit catalog consultative support for brokers through benefit advisors. The company also provides implementation services to its customers in order to help ensure seamless deployment and effective utilization of its solutions; and employers with expanded support services. The company was incorporated in 2000 and is headquartered in Charleston, South Carolina.
IPO Year: 2013
Exchange: NASDAQ
Website: benefitfocus.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 11/8/2022 | Overweight → Sector Weight | KeyBanc Capital Markets | |
| 9/16/2022 | $10.00 | Overweight | KeyBanc Capital Markets |
| 6/23/2022 | $16.00 → $9.00 | Overweight → Neutral | Piper Sandler |
| 3/2/2022 | $13.00 → $11.00 | Neutral | JP Morgan |
CHARLESTON, S.C., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that serves employers, health plans and brokers, today announced its third quarter 2022 financial results: Financial Highlights for the Third Quarter 2022: Revenue of $56.2 million was within the guidance range of $55 million to $57 million.Adjusted EBITDA of $5.7 million was at the high end of the guidance range of $4 million to $6 million.GAAP net loss available to common stockholders was ($8.6) million, compared to ($19.7) million in the third quarter of 2021.GAAP EPS was ($0.25) in the third quarter of 2022 and non-GAAP EP
CHARLESTON, S.C., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announced the cancellation of its earnings conference call for the quarter ended September 30, 2022, that had originally been scheduled for November 7, 2022, at 5:00 p.m. ET. The call is being cancelled due to the announcement of the pending transaction with Voya Financial, Inc. About BenefitfocusBenefitfocus (NASDAQ:BNFT) is a cloud-based benefits administration technology company committed to helping our customers, and the people they serve, g
Voya Financial, Inc. (NYSE:VOYA) announced today financial results for the third quarter of 2022: Net income available to common shareholders of $1.82 per diluted share. After-tax adjusted operating earnings1 of $2.30 per diluted share2. Voya is on track to achieve 12% to 17% adjusted operating earnings per share (EPS) growth, excluding notable items, in 2022, which reflects continued progress on the company's organic growth, margin expansion and capital management initiatives. "In the third quarter, we delivered an approximately 28% increase in adjusted operating EPS, excluding notable items, as we achieved strong organic growth despite headwinds in the macro environment," said Rod
CHARLESTON, S.C., Oct. 24, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announced it will report its third quarter 2022 results after U.S. financial markets close on Monday, November 7, 2022. In conjunction with the company's third quarter 2022 announcement, Benefitfocus will host a conference call to discuss the company's financial results and business outlook on Monday, November 7, 2022, at 5:00 p.m. ET. To access this call, dial 1-877-407-9208 (domestic) or 1-201-493-6784 (international). A live webcast of the co
Delivered on Second Quarter Financial Commitments Executing on Transformational Plan to Return to Sustainable Growth CHARLESTON, S.C., Aug. 03, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announces its second quarter 2022 financial results: Financial Highlights for the Second Quarter 2022: Revenue of $56.6 million was at the high end of the guidance range of $55 to $57 million.Adjusted EBITDA of $6.2 million was above the high end of the guidance range of $4 to $6 million.GAAP net loss available to common sto
CHARLESTON, S.C., July 20, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announced it will report its second quarter 2022 results after U.S. financial markets close on Wednesday, August 3, 2022. In conjunction with the company's second quarter 2022 announcement, Benefitfocus will host a conference call to discuss the company's financial results and business outlook on Wednesday, August 3, 2022, at 5:00 p.m. ET. To access this call, dial (800) 941-4658 (domestic) or +1 (416) 981-9033 (international). A live webcast of
Delivered Revenue and Adjusted EBITDA in Excess of Guidance RangesExecuting on Strategic Plan to Return to Sustainable Growth CHARLESTON, S.C., May 03, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announces its first quarter 2022 financial results: Financial Highlights for the First Quarter 2022: First quarter 2022 revenue of $61.2 million was above the high end of the guidance range of $59 to $61 million.Adjusted EBITDA of $11.2 million during the first quarter was above the high end of the guidance range of $
CHARLESTON, S.C., April 18, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announced it will report its first quarter 2022 results after U.S. financial markets close on Tuesday, May 3, 2022. In conjunction with the company's first quarter 2022 announcement, Benefitfocus will host a conference call to discuss the company's financial results and business outlook on Tuesday, May 3, 2022, at 5:00 p.m. ET. To access this call, dial (877) 407-9208 (domestic) or +1 (201) 493-6784 (international). A live webcast of the confer
Exceeded high end of the Revenue guidance rangeDelivered Record Adjusted EBITDA for the full year 2021Completed Strongest Ever Open Enrollment Season with Record Customer Satisfaction RatingAnnounces Investor Day on May 10, 2022 CHARLESTON, S.C., March 01, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announces its fourth quarter and full year 2021 financial results: Financial Highlights for the Fourth Quarter and Full Year 2021: Fourth quarter 2021 revenue of $75.1 million was above the high end of the guidance
CHARLESTON, S.C., Feb. 15, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), a leading cloud-based benefits platform and services provider, today announced it will report its fourth quarter and full year 2021 results after U.S. financial markets close on Tuesday, March 1, 2022. In conjunction with the company's fourth quarter and full year 2021 announcement, Benefitfocus will host a conference call to discuss the company's financial results and business outlook on Tuesday, March 1, 2022, at 5:00 p.m. ET. To access this call, dial (877) 407-9208 (domestic) or +1 (201) 493-6784 (international). A live webcast of the conference call will be available on the Investor Relations page o
CHARLESTON, S.C., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Reference is made to the Indenture, dated as of December 27, 2018 (the "Indenture"), between Benefitfocus, Inc., a Delaware corporation ("Benefitfocus") and U.S. Bank Trust Company, National Association, a national banking association, as Trustee (the "Trustee"), relating to Benefitfocus' 1.25% Convertible Senior Notes due 2023 (the "Notes"). Approximately $6.8 million in Notes remain outstanding. Capitalized terms used but not defined herein shall have the respective meanings given to them in the Indenture. As previously announced, on November 1, 2022, Benefitfocus entered into an Agreement and Plan of Merger with Voya Financial, Inc.
CHARLESTON, S.C., Jan. 20, 2023 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT) announced that at a special meeting today, Benefitfocus's stockholders approved the previously announced merger agreement related to the proposed acquisition of Benefitfocus by Voya Financial, Inc. Subject to the terms and conditions of the merger agreement, at the effective time of the merger, each share of Benefitfocus common stock will be cancelled and converted into the right to receive $10.50 in cash. The transaction remains subject to certain closing conditions and is expected to close on January 24, 2023. About Benefitfocus Benefitfocus is a cloud-based benefits administration technology company c
CHARLESTON, S.C., Dec. 19, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), a cloud-based benefits administration technology company committed to helping organizations and the people they serve get the most out of their health care and benefit programs, today announced that its ACA compliance solution will be sold as an SAP Solution Extension under the name SAP U.S. Benefits Administration by Benefitfocus, reporting option for the Affordable Care Act (ACA). The ACA compliance solution proactively manages the IRS employer mandate, from aggregating and analyzing customer data from various sources and proactively alerting customers to any issues, to filing ACA reports with the IRS
CHARLESTON, S.C., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that serves employers, health plans and brokers, today announced its third quarter 2022 financial results: Financial Highlights for the Third Quarter 2022: Revenue of $56.2 million was within the guidance range of $55 million to $57 million.Adjusted EBITDA of $5.7 million was at the high end of the guidance range of $4 million to $6 million.GAAP net loss available to common stockholders was ($8.6) million, compared to ($19.7) million in the third quarter of 2021.GAAP EPS was ($0.25) in the third quarter of 2022 and non-GAAP EP
CHARLESTON, S.C., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announced the cancellation of its earnings conference call for the quarter ended September 30, 2022, that had originally been scheduled for November 7, 2022, at 5:00 p.m. ET. The call is being cancelled due to the announcement of the pending transaction with Voya Financial, Inc. About BenefitfocusBenefitfocus (NASDAQ:BNFT) is a cloud-based benefits administration technology company committed to helping our customers, and the people they serve, g
Voya Financial, Inc. (NYSE:VOYA) announced today financial results for the third quarter of 2022: Net income available to common shareholders of $1.82 per diluted share. After-tax adjusted operating earnings1 of $2.30 per diluted share2. Voya is on track to achieve 12% to 17% adjusted operating earnings per share (EPS) growth, excluding notable items, in 2022, which reflects continued progress on the company's organic growth, margin expansion and capital management initiatives. "In the third quarter, we delivered an approximately 28% increase in adjusted operating EPS, excluding notable items, as we achieved strong organic growth despite headwinds in the macro environment," said Rod
Acquisition accelerates Voya's strategy in health and wealth solutions, adding broad-based benefits administration capabilities that extend its reach across workplace benefits and savings. Benefitfocus presents a strong foundation for customer-centered growth, with Voya's technology resources, digital capabilities, and operational expertise driving significant client service and value-creation opportunities. Transaction will be immediately cash accretive to Voya's adjusted operating earnings per share, even before future revenue synergies. Voya Financial, Inc. (NYSE:VOYA), a leading health, wealth and investment company, and Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud
CHARLESTON, S.C., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), a cloud-based benefits administration technology company committed to helping organizations and the people they serve get the most out of their health care and benefit programs, today announced it was awarded a contract supporting the Local Government Health Insurance Board's (LGHIB) efforts to modernize its health care benefits administration system. The contract was awarded to Benefitfocus after a competitive RFP process to meet the LGHIB's need for a new, best-in-class system with reliable core functionality. The LGHIB was established in 2015 and is responsible for the control and supervision of the L
CHARLESTON, S.C., Oct. 24, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading cloud-based benefits administration technology company that simplifies benefits administration for employers, health plans and brokers, today announced it will report its third quarter 2022 results after U.S. financial markets close on Monday, November 7, 2022. In conjunction with the company's third quarter 2022 announcement, Benefitfocus will host a conference call to discuss the company's financial results and business outlook on Monday, November 7, 2022, at 5:00 p.m. ET. To access this call, dial 1-877-407-9208 (domestic) or 1-201-493-6784 (international). A live webcast of the co
CHARLESTON, S.C., Oct. 24, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), a cloud-based benefits administration technology company committed to helping organizations and the people they serve get the most out of their health care and benefit programs, today announced it has been named as a 2022 BenefitsPRO Luminaries honoree in the Humanizing Benefits category. The BenefitsPRO Luminaries awards celebrate top benefits professionals and organizations that strive to transform the benefits business and set an example within the industry. "Employers and health plans spend millions of dollars each year to provide individuals with benefits that best support their unique health and w
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KeyBanc Capital Markets downgraded Benefitfocus from Overweight to Sector Weight
KeyBanc Capital Markets initiated coverage of Benefitfocus with a rating of Overweight and set a new price target of $10.00
Piper Sandler downgraded Benefitfocus from Overweight to Neutral and set a new price target of $9.00 from $16.00 previously
JP Morgan reiterated coverage of Benefitfocus with a rating of Neutral and set a new price target of $11.00 from $13.00 previously
Goldman Sachs downgraded Benefitfocus from Neutral to Sell and set a new price target of $13.00
Piper Sandler resumed coverage of Benefitfocus with a rating of Overweight and set a new price target of $16.00 from $20.00 previously
Raymond James downgraded Benefitfocus from Outperform to Mkt Perform
CHARLESTON, S.C., Aug. 09, 2022 (GLOBE NEWSWIRE) -- Benefitfocus Inc. (NASDAQ:BNFT) ("Benefitfocus" or the "Company"), a cloud-based benefits administration technology company committed to helping customers and the people they serve get the most out of their health care and benefit programs, today announced that, in connection with the appointment of Ed Rumzis as executive vice president and chief technology officer, and in accordance with the terms of his employment agreement with the Company, the Compensation and Talent Committee of Benefitfocus' Board of Directors approved an initial equity grant to Mr. Rumzis of 187,664 restricted stock units ("RSUs") with a value of $1,500,000 (the "I
CHARLESTON, S.C., April 22, 2022 /PRNewswire/ -- Today, Benefitfocus, Inc. (NASDAQ: BNFT), a cloud-based benefits administration company committed to helping organizations and their people get the most out of their health care and benefits programs, announced Kristin Adams as Executive Vice President and Chief People Officer (CPO). Effective immediately, Adams will lead the company's people strategy with a focus on talent acquisition, development and retention; corporate culture; diversity, inclusion and belonging; employee compensation and benefits and organizational structure.
CHARLESTON, S.C., April 04, 2022 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT) ("Benefitfocus" or the "Company"), today announced that it has entered into a cooperation agreement with Indaba Capital Management, L.P. ("Indaba"), which owns approximately 11.8% of the Company's outstanding shares, making it one of the Company's largest common stockholders. Under the terms of the agreement, Benefitfocus has appointed Alexander Lerner, Investment Partner at Indaba, to the Board of Directors, effective immediately, and agreed to include Mr. Lerner on its recommended slate of nominees for election at the Company's 2022 Annual Meeting of Stockholders. Mr. Lerner will serve as Co-Chair of e
CHARLESTON, S.C., Aug. 30, 2021 /PRNewswire/ -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, announces the appointment of Ana Perez as Chief Marketing Officer (CMO). Perez is a key addition to the company's leadership team with a demonstrated track record creating high-performing teams and advancing digital marketing strategies to enable growth. She will be responsible for all aspects of marketing — with a focus on driving brand value, accelerating growth and advancing customer engagement.
CHARLESTON, S.C., May 07, 2021 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, announces that, in connection with the appointment of Matthew Levin as president and chief executive officer, and in accordance with the terms of his employment agreement with the Company, Benefitfocus' board of directors approved an initial equity grant to Mr. Levin consisting of 70% restricted stock units ("RSUs") and 30% performance stock units ("PSUs") with a total value of $5,000,000, totaling 248,826 RSUs and 106,640 PSUs (the "Initial Grant"). The Initial Grant has three
CHARLESTON, S.C., May 04, 2021 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ:BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, announces that Matthew Levin has been appointed president and chief executive officer and to the Benefitfocus board of directors, effective May 10, 2021. Levin succeeds Stephen Swad, who served as the company's CFO and was appointed CEO in 2020. In order to ensure a seamless handoff of leadership responsibilities, Swad will serve as an advisor to the CEO until September 2021. Thereafter, Swad will continue to serve as a Benefitfocus board director. Levin has more than fifteen
Believes Lead Independent Director A. Lanham Napier Wants to Retain Outsized Influence Over the Company's Insular Board Rather Than Add One of Indaba's Independent Candidates Calls on the Company to Finally Commit to Making the Board De-Classification Proposal the First Agenda Item at the 2021 Annual Meeting, Especially Given its Willingness to Privately Concede on This Point to Indaba Makes Clear That Indaba is Committed to Taking the Necessary Steps Over the Long-Term to Improve the Company's Broken Governance and Help Enhance Shareholder Value Indaba Capital Management, L.P. (together with its affiliates, "Indaba" or "we"), which collectively with the other participants in its solici
Company advances its strategic plan following successful open enrollment period Independent chairman named, new independent director appointed, and steps underway to declassify its board of directors CHARLESTON, S.C., Jan. 26, 2021 (GLOBE NEWSWIRE) -- Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans and brokers, today provides an update on the corporate initiatives undertaken over the past year to maximize operational efficiencies and unlock long-term shareholder value. These initiatives include strengthening the company’s balance sheet, enhancing its leadership team, drivin