TriNet Group (TNET) Lowered to “Hold” at Zacks Investment Research
TriNet Group (NYSE:TNET) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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. “
TNET has been the subject of a number of other research reports. BidaskClub cut shares of TriNet Group from a “buy” rating to a “hold” rating in a research note on Wednesday, October 25th. Morgan Stanley lifted their target price on shares of TriNet Group from $31.00 to $32.00 and gave the company an “underweight” rating in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $38.00.
TriNet Group (NYSE:TNET) last announced its quarterly earnings results on Thursday, November 2nd. The business services provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.30. The firm had revenue of $205.90 million during the quarter, compared to analysts’ expectations of $174.89 million. TriNet Group had a net margin of 4.15% and a return on equity of 156.96%. The company’s revenue for the quarter was up 27.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.29 earnings per share. analysts expect that TriNet Group will post 1.77 earnings per share for the current fiscal year.
In other TriNet Group news, CEO Burton M. Goldfield sold 17,809 shares of TriNet Group stock in a transaction on Monday, December 18th. The shares were sold at an average price of $43.52, for a total transaction of $775,047.68. Following the completion of the sale, the chief executive officer now owns 32,234 shares of the company’s stock, valued at approximately $1,402,823.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Martin Babinec sold 36,500 shares of TriNet Group stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $44.21, for a total transaction of $1,613,665.00. The disclosure for this sale can be found here. Insiders have sold a total of 142,163 shares of company stock valued at $5,925,247 in the last ninety days. Company insiders own 42.40% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TNET. Cramer Rosenthal Mcglynn LLC acquired a new position in shares of TriNet Group in the 2nd quarter valued at $18,537,000. Vanguard Group Inc. grew its holdings in shares of TriNet Group by 8.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,571,207 shares of the business services provider’s stock valued at $149,661,000 after buying an additional 342,250 shares during the period. FMR LLC grew its holdings in shares of TriNet Group by 58.7% in the 2nd quarter. FMR LLC now owns 906,982 shares of the business services provider’s stock valued at $29,695,000 after buying an additional 335,381 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of TriNet Group by 644.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 265,053 shares of the business services provider’s stock valued at $8,911,000 after buying an additional 229,466 shares during the period. Finally, Mckinley Capital Management LLC Delaware acquired a new position in shares of TriNet Group in the 2nd quarter valued at $5,218,000. 56.52% of the stock is owned by hedge funds and other institutional investors.
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TriNet Group Company 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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