Assenagon Asset Management S.A. Purchases New Stake in TriNet Group, Inc. (NYSE:TNET)

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

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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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