State Street Corp Increases Stake in TriNet Group, Inc. (TNET)
State Street Corp raised its position in TriNet Group, Inc. (NYSE:TNET) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 790,852 shares of the business services provider’s stock after buying an additional 25,824 shares during the period. State Street Corp’s holdings in TriNet Group were worth $22,856,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the company. Macquarie Group Ltd. raised its stake in TriNet Group by 1,275.3% in the fourth quarter. Macquarie Group Ltd. now owns 687,870 shares of the business services provider’s stock worth $17,623,000 after buying an additional 637,853 shares during the period. Norges Bank acquired a new stake in TriNet Group during the fourth quarter worth $13,382,000. Wellington Management Group LLP raised its stake in TriNet Group by 9.4% in the first quarter. Wellington Management Group LLP now owns 4,970,312 shares of the business services provider’s stock worth $143,643,000 after buying an additional 428,077 shares during the period. Vanguard Group Inc. raised its stake in TriNet Group by 11.0% in the first quarter. Vanguard Group Inc. now owns 4,228,957 shares of the business services provider’s stock worth $122,217,000 after buying an additional 418,005 shares during the period. Finally, Hennessy Advisors Inc. acquired a new stake in TriNet Group during the first quarter worth $4,546,000. 52.96% of the stock is owned by institutional investors.
Shares of TriNet Group, Inc. (NYSE:TNET) traded down 1.49% during trading on Thursday, reaching $37.60. 59,811 shares of the company’s stock were exchanged. The company has a market capitalization of $2.61 billion, a P/E ratio of 25.27 and a beta of 2.94. The stock has a 50-day moving average price of $34.31 and a 200 day moving average price of $30.17. TriNet Group, Inc. has a 12-month low of $17.78 and a 12-month high of $41.58.
TriNet Group (NYSE:TNET) last posted its earnings results on Monday, July 31st. The business services provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.18. The firm had revenue of $201.01 million during the quarter, compared to analysts’ expectations of $168.27 million. TriNet Group had a return on equity of 201.15% and a net margin of 3.33%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 earnings per share. Equities analysts expect that TriNet Group, Inc. will post $1.48 EPS for the current fiscal year.
TNET has been the subject of a number of research reports. Stifel Nicolaus reaffirmed a “buy” rating on shares of TriNet Group in a research note on Friday, April 14th. Deutsche Bank AG lowered shares of TriNet Group from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a research note on Wednesday, April 19th. Zacks Investment Research lowered shares of TriNet Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Finally, BidaskClub raised shares of TriNet Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $36.25.
In related news, Director Wayne B. Lowell sold 20,000 shares of TriNet Group stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $39.15, for a total value of $783,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Edward Griese sold 4,175 shares of TriNet Group stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $30.95, for a total value of $129,216.25. Following the completion of the sale, the vice president now owns 2,254 shares in the company, valued at $69,761.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 251,149 shares of company stock worth $8,322,885. 42.40% of the stock is currently owned by corporate insiders.
TriNet Group Company 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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