Convergence Investment Partners LLC purchased a new stake in shares of TriNet Group, Inc. (NYSE:TNET) during the second quarter, Holdings Channel reports. The institutional investor purchased 74,767 shares of the business services provider’s stock, valued at approximately $2,448,000.

Several other hedge funds also recently bought and sold shares of TNET. Envestnet Asset Management Inc. increased its stake in TriNet Group by 13.3% in the first quarter. Envestnet Asset Management Inc. now owns 4,101 shares of the business services provider’s stock valued at $119,000 after buying an additional 483 shares in the last quarter. Victory Capital Management Inc. increased its stake in TriNet Group by 18.6% in the first quarter. Victory Capital Management Inc. now owns 4,604 shares of the business services provider’s stock valued at $133,000 after buying an additional 723 shares in the last quarter. American International Group Inc. increased its stake in TriNet Group by 7.1% in the first quarter. American International Group Inc. now owns 25,946 shares of the business services provider’s stock valued at $750,000 after buying an additional 1,717 shares in the last quarter. Swiss National Bank increased its stake in TriNet Group by 3.1% in the first quarter. Swiss National Bank now owns 69,300 shares of the business services provider’s stock valued at $2,003,000 after buying an additional 2,100 shares in the last quarter. Finally, Ameritas Investment Partners Inc. bought a new stake in TriNet Group during the first quarter valued at $105,000. 52.96% of the stock is owned by hedge funds and other institutional investors.

TriNet Group, Inc. (TNET) opened at 37.37 on Friday. The company has a market cap of $2.59 billion, a P/E ratio of 25.11 and a beta of 2.94. The company has a 50-day moving average of $34.59 and a 200-day moving average of $30.30. TriNet Group, Inc. has a 52 week low of $17.78 and a 52 week high of $41.58.

TriNet Group (NYSE:TNET) last released its earnings results on Monday, July 31st. The business services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.18. The company had revenue of $201.01 million for the quarter, compared to analyst estimates of $168.27 million. TriNet Group had a net margin of 3.33% and a return on equity of 201.15%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.27 EPS. On average, equities research analysts predict that TriNet Group, Inc. will post $1.48 EPS for the current year.

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Several research firms have recently weighed in on TNET. BidaskClub raised shares of TriNet Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Stifel Nicolaus lifted their price target on shares of TriNet Group from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, May 3rd. Deutsche Bank AG lifted their price target on shares of TriNet Group from $30.00 to $31.00 and gave the company a “hold” rating in a research note on Wednesday, May 3rd. Finally, Zacks Investment Research downgraded shares of TriNet Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 3rd. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. TriNet Group presently has an average rating of “Buy” and an average price target of $36.25.

In other TriNet Group news, Director Wayne B. Lowell sold 20,000 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $39.15, for a total transaction of $783,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Martin Babinec sold 46,912 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $37.46, for a total transaction of $1,757,323.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 449,372 shares of company stock worth $15,813,110. 42.40% of the stock is owned by company insiders.

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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Institutional Ownership by Quarter for TriNet Group (NYSE:TNET)

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