Castlight Health (CSLT) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Castlight Health (NYSE:CSLT) from a buy rating to a hold rating in a research note issued to investors on Monday.

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. “

A number of other brokerages also recently weighed in on CSLT. Canaccord Genuity upgraded Castlight Health from a hold rating to a buy rating in a report on Tuesday, October 10th. BidaskClub upgraded Castlight Health from a strong sell rating to a sell rating in a report on Wednesday, September 13th. Chardan Capital lowered their price target on Castlight Health from $6.50 to $6.30 and set a buy rating for the company in a report on Thursday, October 26th. Finally, Cantor Fitzgerald reiterated a hold rating and issued a $5.00 price target on shares of Castlight Health in a report on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. Castlight Health has a consensus rating of Hold and a consensus price target of $5.22.

Shares of Castlight Health (CSLT) traded up $0.05 on Monday, hitting $3.85. The company’s stock had a trading volume of 144,000 shares, compared to its average volume of 196,300. Castlight Health has a one year low of $3.05 and a one year high of $5.10. The firm has a market cap of $514.89, a price-to-earnings ratio of -8.19 and a beta of 1.66. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.94 and a current ratio of 1.94.

Castlight Health (NYSE:CSLT) last announced its earnings results on Wednesday, October 25th. The software maker reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.07) by $0.02. Castlight Health had a negative return on equity of 32.57% and a negative net margin of 45.14%. The company had revenue of $34.60 million for the quarter, compared to analyst estimates of $34.61 million. During the same period in the prior year, the company posted ($0.05) EPS. Castlight Health’s quarterly revenue was up 35.7% on a year-over-year basis. analysts anticipate that Castlight Health will post -0.43 earnings per share for the current year.

In related news, President Robert Derek Newell acquired 30,468 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was purchased at an average cost of $3.95 per share, for a total transaction of $120,348.60. Following the purchase, the president now directly owns 128,671 shares in the company, valued at $508,250.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John C. Doyle sold 13,686 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $3.71, for a total value of $50,775.06. Following the transaction, the chief executive officer now owns 123,705 shares of the company’s stock, valued at $458,945.55. The disclosure for this sale can be found here. Insiders sold a total of 22,778 shares of company stock valued at $84,411 over the last quarter. Company insiders own 37.43% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of CSLT. Voya Investment Management LLC grew its stake in Castlight Health by 25.4% during the 2nd quarter. Voya Investment Management LLC now owns 26,929 shares of the software maker’s stock worth $112,000 after buying an additional 5,453 shares during the last quarter. Nationwide Fund Advisors boosted its position in Castlight Health by 49.5% during the 2nd quarter. Nationwide Fund Advisors now owns 36,418 shares of the software maker’s stock worth $151,000 after acquiring an additional 12,061 shares during the period. Stifel Financial Corp boosted its position in Castlight Health by 12.3% during the 2nd quarter. Stifel Financial Corp now owns 41,000 shares of the software maker’s stock worth $171,000 after acquiring an additional 4,500 shares during the period. UBS Asset Management Americas Inc. acquired a new position in Castlight Health during the 2nd quarter worth $193,000. Finally, New York State Common Retirement Fund boosted its position in Castlight Health by 60.5% during the 2nd quarter. New York State Common Retirement Fund now owns 49,600 shares of the software maker’s stock worth $206,000 after acquiring an additional 18,699 shares during the period. Hedge funds and other institutional investors own 42.55% of the company’s stock.

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About Castlight Health

Castlight Health, Inc offers a health benefits platform that engages employees to make healthcare decisions, and enables employers to communicate and measure their benefit programs. The Company operates through cloud-based products segment. Its technology offering aggregates data and applies analytics to make healthcare data transparent.

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