Third Avenue Management LLC Acquires Shares of 128,600 TriNet Group, Inc. (TNET)
Third Avenue Management LLC acquired a new position in TriNet Group, Inc. (NYSE:TNET) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 128,600 shares of the company’s stock, valued at approximately $3,295,000. Third Avenue Management LLC owned 0.19% of TriNet Group as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in the company. Cantillon Capital Management LLC increased its position in shares of TriNet Group by 522.6% in the third quarter. Cantillon Capital Management LLC now owns 2,723,916 shares of the company’s stock valued at $58,919,000 after buying an additional 2,286,409 shares in the last quarter. TimesSquare Capital Management LLC increased its position in shares of TriNet Group by 21.1% in the third quarter. TimesSquare Capital Management LLC now owns 1,537,875 shares of the company’s stock valued at $33,264,000 after buying an additional 267,750 shares in the last quarter. Clearline Capital LP purchased a new position in shares of TriNet Group during the second quarter valued at about $4,156,000. PNC Financial Services Group Inc. increased its position in shares of TriNet Group by 83,204.0% in the third quarter. PNC Financial Services Group Inc. now owns 145,782 shares of the company’s stock valued at $3,153,000 after buying an additional 145,607 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of TriNet Group by 14.9% in the third quarter. JPMorgan Chase & Co. now owns 1,021,714 shares of the company’s stock valued at $22,100,000 after buying an additional 132,322 shares in the last quarter. 78.15% of the stock is owned by institutional investors.
Shares of TriNet Group, Inc. (NYSE:TNET) traded up 1.04% during trading on Thursday, reaching $26.14. 280,254 shares of the company traded hands. The company has a 50-day moving average of $25.35 and a 200-day moving average of $22.74. The stock has a market capitalization of $1.80 billion, a PE ratio of 35.76 and a beta of 3.01. TriNet Group, Inc. has a 12 month low of $11.10 and a 12 month high of $26.64.
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TNET has been the subject of several analyst reports. J P Morgan Chase & Co downgraded shares of TriNet Group from an “overweight” rating to a “neutral” rating and cut their price target for the company from $26.00 to $25.00 in a report on Friday, December 9th. Zacks Investment Research raised shares of TriNet Group from a “sell” rating to a “hold” rating and set a $24.00 price target for the company in a report on Thursday, November 10th. Deutsche Bank AG reissued a “buy” rating and set a $30.00 price target (up from $29.00) on shares of TriNet Group in a report on Friday, December 23rd. Finally, Stifel Nicolaus lifted their price target on shares of TriNet Group from $26.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, December 1st. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.71.
In related news, CEO Burton M. Goldfield sold 99,000 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $25.01, for a total value of $2,475,990.00. Following the transaction, the chief executive officer now directly owns 56,376 shares in the company, valued at $1,409,963.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John W. Turner sold 5,000 shares of the company’s stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $24.71, for a total transaction of $123,550.00. Following the completion of the transaction, the vice president now owns 11,302 shares in the company, valued at $279,272.42. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,604,998 shares of company stock worth $62,806,390. Corporate insiders own 42.40% of the company’s stock.
TriNet Group Company Profile
TriNet Group, Inc (TriNet) is a provider of human resources (HR) solutions for small to medium-sized businesses (SMBs). The Company’s human resource solutions include offerings, such as multi-state payroll processing and tax administration; employee benefits programs, including health insurance and retirement plans; workers compensation insurance and claims management; federal, state and local labor, employment and benefit law compliance; risk mitigation, including employment practices claims management; expense and time management, and human capital consulting.
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