Wedge Capital Management L L P NC increased its position in shares of TriNet Group, Inc. (NYSE:TNET – Get Rating) by 42.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,993 shares of the business services provider's stock after purchasing an additional 890 shares during the period. Wedge Capital Management L L P NC's holdings in TriNet Group were worth $232,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. raised its holdings in TriNet Group by 12.9% during the fourth quarter. Advisor Group Holdings Inc. now owns 1,115 shares of the business services provider's stock worth $106,000 after purchasing an additional 127 shares in the last quarter. Van ECK Associates Corp increased its holdings in TriNet Group by 15.9% in the first quarter. Van ECK Associates Corp now owns 1,071 shares of the business services provider's stock valued at $105,000 after buying an additional 147 shares in the last quarter. Sciencast Management LP increased its holdings in TriNet Group by 4.7% in the first quarter. Sciencast Management LP now owns 4,800 shares of the business services provider's stock valued at $463,000 after buying an additional 215 shares in the last quarter. Institutional Venture Management XIV LLC purchased a new position in TriNet Group in the first quarter valued at about $50,000. Finally, Catalyst Capital Advisors LLC purchased a new position in TriNet Group in the first quarter valued at about $38,000. 92.09% of the stock is owned by hedge funds and other institutional investors.
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A number of brokerages have issued reports on TNET. JPMorgan Chase & Co. cut shares of TriNet Group from a "neutral" rating to an "underweight" rating and increased their target price for the company from $89.00 to $96.00 in a report on Tuesday, August 16th. StockNews.com cut shares of TriNet Group from a "strong-buy" rating to a "buy" rating in a report on Wednesday, July 27th. Cowen began coverage on shares of TriNet Group in a report on Thursday, September 8th. They issued a "market perform" rating and a $83.00 target price for the company. Finally, Cowen assumed coverage on shares of TriNet Group in a report on Thursday, September 8th. They issued a "market perform" rating and a $83.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $88.00.
Insider Buying and Selling
In related news, CEO Burton M. Goldfield sold 6,250 shares of the firm's stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $75.60, for a total transaction of $472,500.00. Following the sale, the chief executive officer now owns 225,828 shares in the company, valued at $17,072,596.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other TriNet Group news, insider Jonathan D. Lee sold 953 shares of TriNet Group stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $89.55, for a total value of $85,341.15. Following the transaction, the insider now owns 13,836 shares in the company, valued at approximately $1,239,013.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Burton M. Goldfield sold 6,250 shares of TriNet Group stock in a transaction on Friday, June 24th. The shares were sold at an average price of $75.60, for a total transaction of $472,500.00. Following the completion of the transaction, the chief executive officer now owns 225,828 shares in the company, valued at approximately $17,072,596.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,953 shares of company stock worth $1,635,480. 40.60% of the stock is owned by insiders.TriNet Group Stock Down 1.2 %
TNET stock opened at $76.23 on Thursday. The company's 50 day simple moving average is $82.96 and its 200-day simple moving average is $84.20. The firm has a market capitalization of $4.74 billion, a PE ratio of 13.26 and a beta of 1.19. TriNet Group, Inc. has a 12 month low of $69.16 and a 12 month high of $109.40. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.24 and a quick ratio of 1.24.
TriNet Group (NYSE:TNET – Get Rating) last announced its earnings results on Tuesday, July 26th. The business services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.54. TriNet Group had a net margin of 7.86% and a return on equity of 49.91%. The firm had revenue of $348.00 million for the quarter, compared to analyst estimates of $299.68 million. Equities analysts expect that TriNet Group, Inc. will post 5.31 earnings per share for the current fiscal year.
TriNet Group Company Profile
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TriNet Group, Inc provides human resources (HR) solutions, payroll services, employee benefits, and employment risk mitigation services for small and midsize businesses in the United States. The company offers multi-state payroll processing and tax administration; employee benefits programs, including health insurance and retirement plans; workers compensation insurance and claims management; employment and benefits law compliance; and other HR related services.
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