Fmr LLC Holds Position in TriNet Group, Inc. (NYSE:TNET)
FMR LLC continued to hold its stake in shares of TriNet Group, Inc. (NYSE:TNET) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 571,601 shares of the business services provider’s stock at the end of the first quarter. FMR LLC owned about 0.84% of TriNet Group worth $16,519,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in TNET. State Street Corp raised its stake in TriNet Group by 6.6% in the fourth quarter. State Street Corp now owns 765,028 shares of the business services provider’s stock worth $19,598,000 after buying an additional 47,378 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in TriNet Group during the first quarter valued at about $434,000. Teachers Advisors LLC increased its position in TriNet Group by 123.4% in the fourth quarter. Teachers Advisors LLC now owns 175,545 shares of the business services provider’s stock valued at $4,497,000 after buying an additional 96,971 shares during the last quarter. Swiss National Bank increased its position in TriNet Group by 3.1% in the first quarter. Swiss National Bank now owns 69,300 shares of the business services provider’s stock valued at $2,003,000 after buying an additional 2,100 shares during the last quarter. Finally, Trexquant Investment LP increased its position in TriNet Group by 182.6% in the first quarter. Trexquant Investment LP now owns 23,458 shares of the business services provider’s stock valued at $678,000 after buying an additional 15,158 shares during the last quarter. Hedge funds and other institutional investors own 53.35% of the company’s stock.
Shares of TriNet Group, Inc. (NYSE:TNET) opened at 39.71 on Monday. TriNet Group, Inc. has a 12-month low of $17.78 and a 12-month high of $41.58. The firm has a 50-day moving average of $33.08 and a 200-day moving average of $29.64. The firm has a market cap of $2.76 billion, a P/E ratio of 26.69 and a beta of 2.94.
TriNet Group (NYSE:TNET) last announced its quarterly earnings results on Monday, July 31st. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.18. TriNet Group had a net margin of 3.33% and a return on equity of 201.15%. The company had revenue of $201.01 million for the quarter, compared to the consensus estimate of $168.27 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities analysts forecast that TriNet Group, Inc. will post $1.47 earnings per share for the current fiscal year.
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Several research firms recently issued reports on TNET. Stifel Nicolaus reissued a “buy” rating and issued a $44.00 target price (up from $37.00) on shares of TriNet Group in a research report on Tuesday, August 1st. Zacks Investment Research raised shares of TriNet Group from a “hold” rating to a “strong-buy” rating and set a $45.00 price target on the stock in a report on Saturday. BidaskClub lowered shares of TriNet Group from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Finally, Deutsche Bank AG raised their price target on shares of TriNet Group from $30.00 to $31.00 and gave the company a “hold” rating in a research note on Wednesday, May 3rd. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. TriNet Group currently has a consensus rating of “Buy” and an average price target of $36.25.
In other news, CEO Burton M. Goldfield sold 42,839 shares of the stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $30.99, for a total value of $1,327,580.61. Following the completion of the sale, the chief executive officer now owns 18,801 shares of the company’s stock, valued at $582,642.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Burton M. Goldfield sold 13,317 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $32.91, for a total transaction of $438,262.47. Following the completion of the transaction, the chief executive officer now owns 31,225 shares of the company’s stock, valued at $1,027,614.75. The disclosure for this sale can be found here. Insiders sold 340,488 shares of company stock worth $10,930,635 in the last ninety days. Insiders own 42.40% 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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