TriNet Group, Inc. (TNET) Price Target Raised to $32.00
TriNet Group, Inc. (NYSE:TNET) had its price objective boosted by analysts at Morgan Stanley from $31.00 to $32.00 in a research note issued on Friday. The brokerage currently has an “underweight” rating on the business services provider’s stock. Morgan Stanley’s price target would indicate a potential downside of 23.44% from the company’s previous close.
TNET has been the topic of a number of other reports. BidaskClub downgraded TriNet Group from a “buy” rating to a “hold” rating in a report on Thursday, September 14th. J P Morgan Chase & Co downgraded TriNet Group from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $33.00 to $36.00 in a report on Thursday, August 17th. Zacks Investment Research downgraded TriNet Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 21st. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $44.00 price target (up from $37.00) on shares of TriNet Group in a report on Tuesday, August 1st. Three analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $37.60.
Shares of TriNet Group (NYSE TNET) traded up $6.97 on Friday, hitting $41.00. The company had a trading volume of 2,020,656 shares, compared to its average volume of 240,490. The company has a market cap of $2,477.84, a P/E ratio of 25.66 and a beta of 2.88.
TriNet Group (NYSE:TNET) last announced its quarterly earnings results on Monday, October 30th. The business services provider reported $0.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.30. TriNet Group had a return on equity of 201.15% and a net margin of 3.33%. The business had revenue of $205.90 million for the quarter, compared to the consensus estimate of $174.89 million. During the same period last year, the business posted $0.29 EPS. The business’s revenue was up 27.9% compared to the same quarter last year. equities research analysts expect that TriNet Group will post 1.27 EPS for the current fiscal year.
In other TriNet Group news, CEO Burton M. Goldfield sold 2,694 shares of TriNet Group 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 sale, the chief executive officer now owns 31,225 shares of the company’s stock, valued at approximately $1,059,776.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Burton M. Goldfield sold 24,676 shares of TriNet Group stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $35.29, for a total value of $870,816.04. Following the sale, the chief executive officer now directly owns 30,707 shares of the company’s stock, valued at approximately $1,083,650.03. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 332,983 shares of company stock worth $12,205,957. 42.40% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of TNET. Cramer Rosenthal Mcglynn LLC acquired a new stake in TriNet Group during the 2nd quarter worth about $18,537,000. Vanguard Group Inc. lifted its position in TriNet Group by 11.0% during the 1st quarter. Vanguard Group Inc. now owns 4,228,957 shares of the business services provider’s stock worth $122,217,000 after acquiring an additional 418,005 shares during the period. FMR LLC lifted its position in TriNet Group by 58.7% during the 2nd quarter. FMR LLC now owns 906,982 shares of the business services provider’s stock worth $29,695,000 after acquiring an additional 335,381 shares during the period. Mckinley Capital Management LLC Delaware acquired a new stake in TriNet Group during the 2nd quarter worth about $5,218,000. Finally, Carleon Capital Partners LLC acquired a new stake in TriNet Group during the 2nd quarter worth about $7,946,000. 54.68% of the stock is owned by institutional investors.
About TriNet Group
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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