TriNet Group, Inc. (TNET) Stake Decreased by Oppenheimer Asset Management Inc.
Oppenheimer Asset Management Inc. reduced its holdings in TriNet Group, Inc. (NYSE:TNET) by 2.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,314 shares of the business services provider’s stock after selling 258 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in TriNet Group were worth $305,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of TNET. Ameritas Investment Partners Inc. bought a new stake in shares of TriNet Group in the 1st quarter worth approximately $105,000. Envestnet Asset Management Inc. grew its position in shares of TriNet Group by 13.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,101 shares of the business services provider’s stock worth $119,000 after buying an additional 483 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of TriNet Group by 18.6% in the 1st quarter. Victory Capital Management Inc. now owns 4,604 shares of the business services provider’s stock worth $133,000 after buying an additional 723 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of TriNet Group in the 1st quarter worth approximately $153,000. Finally, BNP Paribas Arbitrage SA grew its position in shares of TriNet Group by 596.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,705 shares of the business services provider’s stock worth $187,000 after buying an additional 4,886 shares during the last quarter. Hedge funds and other institutional investors own 54.58% of the company’s stock.
Shares of TriNet Group, Inc. (NYSE TNET) opened at 34.02 on Tuesday. TriNet Group, Inc. has a 52-week low of $17.78 and a 52-week high of $41.58. The company’s 50 day moving average price is $36.36 and its 200 day moving average price is $32.14. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 22.86 and a beta of 2.94.
TriNet Group (NYSE:TNET) last released its quarterly earnings data on Monday, July 31st. The business services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.27 by $0.18. The company had revenue of $201.01 million for the quarter, compared to the consensus estimate of $168.27 million. TriNet Group had a return on equity of 201.15% and a net margin of 3.33%. TriNet Group’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the business posted $0.27 EPS. On average, analysts predict that TriNet Group, Inc. will post $1.49 EPS for the current year.
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A number of brokerages have recently weighed in on TNET. Stifel Nicolaus reiterated a “buy” rating and issued a $44.00 price objective (up from $37.00) on shares of TriNet Group in a research report on Tuesday, August 1st. Zacks Investment Research upgraded TriNet Group from a “hold” rating to a “strong-buy” rating and set a $45.00 price target on the stock in a research report on Saturday, August 5th. J P Morgan Chase & Co lowered TriNet Group from a “neutral” rating to an “underweight” rating and lifted their price target for the company from $33.00 to $36.00 in a research report on Thursday, August 17th. Morgan Stanley lowered TriNet Group from an “equal weight” rating to an “underweight” rating and lifted their price target for the company from $27.00 to $31.00 in a research report on Tuesday, August 22nd. Finally, BidaskClub lowered TriNet Group from a “buy” rating to a “hold” rating in a research report on Thursday, September 14th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.40.
In other TriNet Group news, VP Edward Griese sold 3,494 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $35.45, for a total transaction of $123,862.30. Following the transaction, the vice president now directly owns 8,504 shares in the company, valued at approximately $301,466.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Martin Babinec sold 48,300 shares of the firm’s stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $32.17, for a total value of $1,553,811.00. The disclosure for this sale can be found here. Insiders have sold a total of 439,093 shares of company stock worth $15,741,722 over the last 90 days. 41.80% of the stock is currently owned by company insiders.
TriNet Group 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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