TriNet Group, Inc. (TNET) Stake Boosted by Alliancebernstein L.P.
Alliancebernstein L.P. raised its stake in TriNet Group, Inc. (NYSE:TNET) by 114.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 131,870 shares of the business services provider’s stock after buying an additional 70,350 shares during the quarter. Alliancebernstein L.P. owned 0.19% of TriNet Group worth $4,317,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of TriNet Group by 11.0% during 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 in the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in TriNet Group in the first quarter valued at approximately $6,194,000. Carleon Capital Partners LLC bought a new position in TriNet Group in the second quarter valued at approximately $7,946,000. Morgan Stanley lifted its position in shares of TriNet Group by 85.9% in the first quarter. Morgan Stanley now owns 257,711 shares of the business services provider’s stock valued at $7,447,000 after buying an additional 119,097 shares during the last quarter. Finally, Acadian Asset Management LLC acquired a new stake in shares of TriNet Group in the second quarter valued at approximately $3,481,000. 54.58% of the stock is currently owned by hedge funds and other institutional investors.
TriNet Group, Inc. (TNET) traded down 1.62% on Friday, reaching $33.49. The company had a trading volume of 253,399 shares. TriNet Group, Inc. has a one year low of $17.78 and a one year high of $41.58. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 22.51 and a beta of 2.89. The company’s 50 day moving average is $34.61 and its 200-day moving average is $32.79.
TriNet Group (NYSE:TNET) last announced its earnings results on Monday, July 31st. The business services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.18. TriNet Group had a net margin of 3.33% and a return on equity of 201.15%. The business had revenue of $201.01 million for the quarter, compared to analyst estimates of $168.27 million. During the same quarter last year, the business earned $0.27 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. On average, equities research analysts expect that TriNet Group, Inc. will post $1.49 earnings per share for the current fiscal year.
Several research firms recently weighed in on TNET. Zacks Investment Research upgraded TriNet Group from a “hold” rating to a “strong-buy” rating and set a $45.00 price objective on the stock in a research note on Saturday, August 5th. Stifel Nicolaus reiterated a “buy” rating and issued a $44.00 price target (up previously from $37.00) on shares of TriNet Group in a research note on Tuesday, August 1st. BidaskClub lowered TriNet Group from a “buy” rating to a “hold” rating in a research note on Thursday, September 14th. Morgan Stanley lowered TriNet Group from an “equal weight” rating to an “underweight” rating and boosted their price objective for the stock from $27.00 to $31.00 in a research report on Tuesday, August 22nd. Finally, J P Morgan Chase & Co downgraded TriNet Group from a “neutral” rating to an “underweight” rating and lifted their target price for the stock from $33.00 to $36.00 in a report on Thursday, August 17th. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $37.40.
In other TriNet Group news, CEO Burton M. Goldfield sold 2,694 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $33.94, for a total transaction of $91,434.36. Following the completion of the transaction, the chief executive officer now owns 31,225 shares in the company, valued at approximately $1,059,776.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Martin Babinec sold 36,500 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The stock was sold at an average price of $34.91, for a total transaction of $1,274,215.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 357,983 shares of company stock worth $13,172,357. Insiders own 42.40% of the company’s stock.
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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