Castlight Health (CSLT) Downgraded by Zacks Investment Research to Hold

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Zacks Investment Research lowered shares of Castlight Health (NYSE:CSLT) from a strong-buy rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

According to Zacks, “Castlight Health, Inc. operates as a provider of cloud-based software. Its enables enterprises to gain control over their rapidly escalating health care costs. The Company’s Enterprise Healthcare Cloud allows its customers to conquer the complexity of the existing health care system by providing personalized, actionable information to their employees, implementing technology-enabled benefit designs and integrating disparate systems and applications. Castlight Health, Inc. is headquartered in San Francisco, California. “

Separately, ValuEngine raised Castlight Health from a sell rating to a hold rating in a report on Wednesday, January 2nd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $5.06.

Shares of NYSE CSLT traded up $0.07 during mid-day trading on Wednesday, reaching $3.80. 46,140 shares of the company traded hands, compared to its average volume of 306,685. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.11 and a current ratio of 2.11. The firm has a market cap of $535.34 million, a price-to-earnings ratio of -23.75 and a beta of 1.56. Castlight Health has a fifty-two week low of $1.86 and a fifty-two week high of $5.95.

Castlight Health (NYSE:CSLT) last issued its quarterly earnings data on Thursday, February 28th. The software maker reported ($0.01) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.02. The business had revenue of $42.10 million for the quarter, compared to analyst estimates of $40.61 million. Castlight Health had a negative return on equity of 12.93% and a negative net margin of 25.39%. As a group, equities research analysts forecast that Castlight Health will post -0.12 earnings per share for the current year.

In other news, EVP Neeraj Gupta sold 12,500 shares of Castlight Health stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $3.80, for a total transaction of $47,500.00. Following the sale, the executive vice president now owns 265,255 shares of the company’s stock, valued at approximately $1,007,969. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mangini Siobhan Nolan sold 16,284 shares of Castlight Health stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $3.15, for a total value of $51,294.60. Following the sale, the chief financial officer now directly owns 214,764 shares in the company, valued at approximately $676,506.60. The disclosure for this sale can be found here. Insiders sold a total of 71,342 shares of company stock worth $233,445 in the last ninety days. Insiders own 22.58% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Dupont Capital Management Corp acquired a new stake in shares of Castlight Health during the 1st quarter worth approximately $369,000. BNP Paribas Arbitrage SA grew its holdings in shares of Castlight Health by 847.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 18,174 shares of the software maker’s stock worth $68,000 after purchasing an additional 16,255 shares in the last quarter. CWM LLC lifted its position in shares of Castlight Health by 21.7% during the 1st quarter. CWM LLC now owns 770,699 shares of the software maker’s stock worth $2,890,000 after buying an additional 137,405 shares during the period. Virtu Financial LLC bought a new position in shares of Castlight Health during the 1st quarter worth approximately $77,000. Finally, Geode Capital Management LLC lifted its position in shares of Castlight Health by 11.6% during the 4th quarter. Geode Capital Management LLC now owns 827,870 shares of the software maker’s stock worth $1,795,000 after buying an additional 85,867 shares during the period. 49.86% of the stock is currently owned by institutional investors.

About Castlight Health

Castlight Health, Inc provides a software-as-a-service platform used for health benefits navigation for employees in the United States. Its platform matches employees to the resources their employers make available to them; managing a condition; and assists them to manage their benefits. The company also offers implementation, user and customer support, and marketplace services.

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