Gotham Asset Management LLC acquired a new position in shares of TriNet Group, Inc. (NYSE:TNET) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 31,332 shares of the business services provider’s stock, valued at approximately $1,026,000.
A number of other hedge funds have also recently bought and sold shares of TNET. Ameritas Investment Partners Inc. bought a new position in TriNet Group during the 1st quarter worth $105,000. Envestnet Asset Management Inc. increased its position in TriNet Group by 13.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,101 shares of the business services provider’s stock worth $119,000 after buying an additional 483 shares during the period. Victory Capital Management Inc. increased its position in TriNet Group by 18.6% during the 1st quarter. Victory Capital Management Inc. now owns 4,604 shares of the business services provider’s stock worth $133,000 after buying an additional 723 shares during the period. Meeder Asset Management Inc. bought a new position in TriNet Group during the 1st quarter worth $153,000. Finally, BNP Paribas Arbitrage SA increased its position in TriNet Group by 596.6% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,705 shares of the business services provider’s stock worth $187,000 after buying an additional 4,886 shares during the period. Hedge funds and other institutional investors own 54.69% of the company’s stock.
TriNet Group, Inc. (NYSE TNET) traded down 0.31% during mid-day trading on Friday, hitting $34.82. The stock had a trading volume of 16,556 shares. TriNet Group, Inc. has a 52 week low of $17.78 and a 52 week high of $41.58. The company’s 50 day moving average is $34.38 and its 200-day moving average is $33.17. The stock has a market capitalization of $2.42 billion, a P/E ratio of 23.40 and a beta of 2.89.
TriNet Group (NYSE:TNET) last posted its earnings results on Monday, July 31st. The business services provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.18. TriNet Group had a return on equity of 201.15% and a net margin of 3.33%. The business had revenue of $201.01 million during the quarter, compared to analysts’ expectations of $168.27 million. During the same period in the previous year, the business earned $0.27 earnings per share. The firm’s revenue was up 7.3% on a year-over-year basis. On average, analysts expect that TriNet Group, Inc. will post $1.49 EPS for the current fiscal year.
Several analysts have recently issued reports on TNET shares. Stifel Nicolaus reissued a “buy” rating and set a $44.00 target price (up from $37.00) on shares of TriNet Group in a report on Tuesday, August 1st. BidaskClub lowered TriNet Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research lowered TriNet Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 21st. Morgan Stanley lowered TriNet Group from an “equal weight” rating to an “underweight” rating and increased their target price for the stock from $27.00 to $31.00 in a report on Tuesday, August 22nd. Finally, JPMorgan Chase & Co. lowered TriNet Group from a “neutral” rating to an “underweight” rating and increased their target price for the stock from $33.00 to $36.00 in a report on Thursday, August 17th. Three investment analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $37.40.
In related news, CEO Burton M. Goldfield sold 2,694 shares of the business’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $33.94, for a total transaction of $91,434.36. Following the completion of the transaction, the chief executive officer now directly owns 31,225 shares in the company, valued at $1,059,776.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director H Raymond Bingham sold 5,000 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $39.53, for a total value of $197,650.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $197,650. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 358,183 shares of company stock valued at $13,193,617. 42.40% of the stock is owned by company insiders.
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TriNet Group Profile
TriNet Group, Inc is a provider of human resources (HR) solutions for small to medium-sized businesses (SMBs). The Company’s HR solutions include services, such as multi-state payroll processing and tax administration, employee benefits programs, including health insurance and retirement plans, workers’ compensation insurance and claims management, employment and benefit law compliance, and other services.
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