NEW YORK (AP) — Benefitfocus climbed Monday as a couple of analysts started coverage of the human resources software provider with a "Buy" rating, saying it is likely to capitalize during a time of big changes in the health care sector.
Benefitfocus Inc., based in Charleston, S.C., went public in September. The company provides a cloud-based platform for employee benefits management.
Jefferies' Ross MacMillan said in a client note that Benefitfocus' software makes things easier, automating the process of enrolling and managing employee healthcare, retirement, and insurance benefits. The company also has ample room to grow in the market, as it has only 12 percent of available carrier customers and 4 percent of employers with greater than 1,000 workers in the U.S., he explained.
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