TimesSquare Capital Management LLC lowered its holdings in TriNet Group, Inc. (NYSE:TNET) by 4.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,512,960 shares of the business services provider’s stock after selling 70,200 shares during the quarter. TimesSquare Capital Management LLC owned 2.18% of TriNet Group worth $49,534,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in TNET. Wellington Management Group LLP grew its holdings in TriNet Group by 9.4% in the 1st quarter. Wellington Management Group LLP now owns 4,970,312 shares of the business services provider’s stock valued at $143,643,000 after buying an additional 428,077 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 purchasing an additional 418,005 shares in the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of TriNet Group during the 1st quarter worth approximately $6,194,000. Carleon Capital Partners LLC acquired a new stake in shares of TriNet Group during the 2nd quarter worth approximately $7,946,000. Finally, Morgan Stanley grew its holdings in shares of TriNet Group by 85.9% during the 1st quarter. Morgan Stanley now owns 257,711 shares of the business services provider’s stock worth $7,447,000 after purchasing an additional 119,097 shares in the last quarter. 54.58% of the stock is currently owned by hedge funds and other institutional investors.
TNET has been the topic of several recent research reports. BidaskClub raised TriNet Group from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Stifel Nicolaus reissued 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. Zacks Investment Research raised TriNet Group from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective on the stock in a report on Saturday, August 5th. J P Morgan Chase & Co lowered TriNet Group from a “neutral” rating to an “underweight” rating and lifted their price objective for the stock from $33.00 to $36.00 in a report on Thursday, August 17th. Finally, Morgan Stanley lowered TriNet Group from an “equal weight” rating to an “underweight” rating and lifted their price objective for the stock from $27.00 to $31.00 in a report on Tuesday, August 22nd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $37.40.
Shares of TriNet Group, Inc. (NYSE TNET) traded down 0.61% during mid-day trading on Friday, reaching $34.02. The company had a trading volume of 462,055 shares. The firm’s 50 day moving average is $36.35 and its 200-day moving average is $32.03. The stock has a market capitalization of $2.36 billion, a P/E ratio of 22.86 and a beta of 2.94. TriNet Group, Inc. has a 12-month low of $17.78 and a 12-month high of $41.58.
TriNet Group (NYSE:TNET) last released its quarterly earnings results on Monday, July 31st. The business services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $168.27 million. During the same period in the prior year, the firm earned $0.27 earnings per share. TriNet Group’s revenue was up 7.3% on a year-over-year basis. On average, analysts expect that TriNet Group, Inc. will post $1.49 earnings per share for the current fiscal year.
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In other TriNet Group news, SVP Brady Mickelsen sold 4,744 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $35.73, for a total transaction of $169,503.12. Following the completion of the transaction, the senior vice president now owns 38,842 shares of the company’s stock, valued at $1,387,824.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin Babinec sold 7,872 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $35.11, for a total transaction of $276,385.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 467,762 shares of company stock valued at $16,662,060. 42.40% of the stock is owned by insiders.
TriNet Group 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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