Insider Selling: TriNet Group Inc (NYSE:TNET) CEO Sells 13,317 Shares of Stock
TriNet Group Inc (NYSE:TNET) CEO Burton M. Goldfield sold 13,317 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $32.91, for a total transaction of $438,262.47. Following the transaction, the chief executive officer now owns 31,225 shares in the company, valued at $1,027,614.75. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.
TriNet Group Inc (TNET) traded up 1.24% during trading on Wednesday, hitting $33.55. 192,676 shares of the stock were exchanged. The company has a market cap of $2.30 billion, a price-to-earnings ratio of 30.56 and a beta of 2.93. TriNet Group Inc has a one year low of $17.78 and a one year high of $34.00. The stock’s 50 day moving average is $32.19 and its 200-day moving average is $29.04.
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TNET has been the subject of several research reports. Deutsche Bank AG cut shares of TriNet Group from a “buy” rating to a “hold” rating and set a $30.00 price target for the company. in a research report on Wednesday, April 19th. Zacks Investment Research cut shares of TriNet Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 3rd. BidaskClub upgraded shares of TriNet Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 30th. Stifel Nicolaus increased their price objective on shares of TriNet Group from $34.00 to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, May 3rd. Finally, TheStreet upgraded shares of TriNet Group from a “c” rating to a “b” rating in a research report on Monday, March 27th. Six analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $26.86.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Macquarie Group Ltd. raised its position in TriNet Group by 1,275.3% in the fourth quarter. Macquarie Group Ltd. now owns 687,870 shares of the business services provider’s stock worth $17,623,000 after buying an additional 637,853 shares during the last quarter. Norges Bank purchased a new position in TriNet Group during the fourth quarter worth about $13,382,000. Wellington Management Group LLP raised its position in TriNet Group by 9.4% in 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 buying an additional 428,077 shares during the last quarter. Vanguard Group Inc. raised its position in TriNet Group by 11.0% in the first quarter. Vanguard Group Inc. now owns 4,228,957 shares of the business services provider’s stock worth $122,217,000 after buying an additional 418,005 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in TriNet Group during the first quarter worth about $6,194,000. 53.18% of the stock is currently 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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