Assenagon Asset Management S.A. purchased a new stake in TriNet Group, Inc. (NYSE:TNET – Get Rating) in the 2nd quarter, HoldingsChannel reports. The fund purchased 18,423 shares of the business services provider’s stock, valued at approximately $1,430,000.
Several other hedge funds have also bought and sold shares of the business. Van ECK Associates Corp grew its position in TriNet Group by 15.9% in the 1st quarter. Van ECK Associates Corp now owns 1,071 shares of the business services provider’s stock valued at $105,000 after purchasing an additional 147 shares during the period. Sciencast Management LP boosted its holdings in TriNet Group by 4.7% during the 1st quarter. Sciencast Management LP now owns 4,800 shares of the business services provider’s stock worth $463,000 after acquiring an additional 215 shares during the last quarter. Institutional Venture Management XIV LLC purchased a new position in TriNet Group during the 1st quarter worth $50,000. Catalyst Capital Advisors LLC purchased a new position in TriNet Group during the 1st quarter worth $38,000. Finally, Mirador Capital Partners LP boosted its holdings in TriNet Group by 1.7% during the 1st quarter. Mirador Capital Partners LP now owns 23,946 shares of the business services provider’s stock worth $2,355,000 after acquiring an additional 407 shares during the last quarter. Institutional investors and hedge funds own 92.09% of the company’s stock. Get TriNet Group alerts:
Insider Activity
In other news, CEO Burton M. Goldfield sold 6,250 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $82.10, for a total transaction of $513,125.00. Following the sale, the chief executive officer now directly owns 225,828 shares in the company, valued at $18,540,478.80. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Burton M. Goldfield sold 6,250 shares of the company’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $82.10, for a total transaction of $513,125.00. Following the sale, the chief executive officer now directly owns 225,828 shares in the company, valued at $18,540,478.80. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jonathan D. Lee sold 953 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $89.55, for a total value of $85,341.15. Following the sale, the insider now owns 13,836 shares in the company, valued at $1,239,013.80. The disclosure for this sale can be found here. Insiders have sold a total of 19,953 shares of company stock worth $1,614,489 over the last ninety days. Company insiders own 40.60% of the company’s stock.
TriNet Group Trading Up 1.6 %
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Shares of TriNet Group stock opened at $74.71 on Thursday. TriNet Group, Inc. has a 52-week low of $68.70 and a 52-week high of $109.40. The stock’s 50-day simple moving average is $79.14 and its 200 day simple moving average is $81.38. The stock has a market capitalization of $4.64 billion, a P/E ratio of 12.99 and a beta of 1.22. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.24 and a current ratio of 1.24.
TriNet Group (NYSE:TNET – Get Rating) last announced its quarterly earnings data on Tuesday, July 26th. The business services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.54. TriNet Group had a return on equity of 49.91% and a net margin of 7.86%. The business had revenue of $348.00 million for the quarter, compared to analysts’ expectations of $299.68 million. As a group, research analysts anticipate that TriNet Group, Inc. will post 5.31 EPS for the current year.
Analyst Upgrades and Downgrades
TNET has been the topic of a number of analyst reports. Cowen initiated coverage on shares of TriNet Group in a report on Thursday, September 8th. They set a “market perform” rating and a $83.00 price objective on the stock. JPMorgan Chase & Co. downgraded shares of TriNet Group from a “neutral” rating to an “underweight” rating and boosted their price target for the stock from $89.00 to $96.00 in a report on Tuesday, August 16th. StockNews.com began coverage on shares of TriNet Group in a report on Wednesday, October 12th. They issued a “buy” rating on the stock. Finally, 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 price target on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.00.
About TriNet Group
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.