Zacks Investment Research Lowers TriNet Group, Inc. (TNET) to Hold
TriNet Group, Inc. (NYSE:TNET) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “TriNet Group, Inc. is a provider of a comprehensive human resources solution for small to medium-sized businesses. It offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. The Company serves banking and financial services, biotech and life sciences, technology, non-profits, professional services, venture capital, and advertising and marketing industries. TriNet Group, Inc. is headquartered in San Leandro, California. “
A number of other research firms also recently issued reports on TNET. BidaskClub upgraded shares of TriNet Group from a “buy” rating to a “strong-buy” rating in a report on Friday, June 30th. Morgan Stanley downgraded shares of TriNet Group from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $27.00 to $31.00 in a report on Tuesday, August 22nd. Stifel Nicolaus restated a “buy” rating and set a $44.00 price objective (up previously from $37.00) on shares of TriNet Group in a report on Tuesday, August 1st. Finally, J P Morgan Chase & Co downgraded shares of TriNet Group from a “neutral” rating to an “underweight” rating and raised their price objective for the stock from $33.00 to $36.00 in a report on Thursday, August 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $37.40.
Shares of TriNet Group (TNET) opened at 33.88 on Thursday. TriNet Group has a one year low of $17.78 and a one year high of $41.58. The company’s 50 day moving average is $36.35 and its 200 day moving average is $32.18. The company has a market cap of $2.35 billion, a P/E ratio of 22.77 and a beta of 2.94.
TriNet Group (NYSE:TNET) last posted its quarterly earnings data on Monday, July 31st. The business services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.18. TriNet Group had a net margin of 3.33% and a return on equity of 201.15%. The business had revenue of $201.01 million during the quarter, compared to the consensus estimate of $168.27 million. During the same quarter last year, the company posted $0.27 earnings per share. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts predict that TriNet Group will post $1.49 earnings per share for the current year.
In other TriNet Group news, Director H Raymond Bingham sold 5,000 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $32.78, for a total transaction of $163,900.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at $163,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Edward Griese sold 3,494 shares of the stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $35.45, for a total transaction of $123,862.30. Following the transaction, the vice president now owns 8,504 shares of the company’s stock, valued at approximately $301,466.80. The disclosure for this sale can be found here. Insiders have sold 393,487 shares of company stock valued at $14,279,345 in the last quarter. Company insiders own 42.40% of the company’s stock.
A number of large investors have recently modified their holdings of TNET. Cramer Rosenthal Mcglynn LLC bought a new position in TriNet Group during the second quarter worth about $18,537,000. Wellington Management Group LLP boosted its position in TriNet Group by 9.4% during 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 purchasing an additional 428,077 shares during the period. Vanguard Group Inc. boosted its position in TriNet Group by 11.0% during the first quarter. Vanguard Group Inc. now owns 4,228,957 shares of the business services provider’s stock worth $122,217,000 after purchasing an additional 418,005 shares during the period. FMR LLC boosted its position in TriNet Group by 58.7% during the second quarter. FMR LLC now owns 906,982 shares of the business services provider’s stock worth $29,695,000 after purchasing an additional 335,381 shares during the period. Finally, Teachers Retirement System of The State of Kentucky bought a new position in TriNet Group during the first quarter worth about $6,194,000. Hedge funds and other institutional investors own 54.58% of the company’s stock.
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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