TimesSquare Capital Management LLC reduced its holdings in TriNet Group, Inc. (NYSE:TNET) by 62.1% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 363,200 shares of the business services provider’s stock after selling 593,945 shares during the quarter. TimesSquare Capital Management LLC owned 0.55% of TriNet Group worth $28,315,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in TNET. FIL Ltd bought a new position in TriNet Group in the 4th quarter worth about $53,680,000. SummerHaven Investment Management LLC bought a new position in shares of TriNet Group during the 4th quarter valued at about $561,000. Norges Bank bought a new position in shares of TriNet Group during the 4th quarter valued at about $44,169,000. BlackRock Inc. increased its position in shares of TriNet Group by 15.3% during the 1st quarter. BlackRock Inc. now owns 3,531,144 shares of the business services provider’s stock valued at $275,288,000 after purchasing an additional 467,624 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of TriNet Group by 48.3% during the 4th quarter. Janus Henderson Group PLC now owns 1,199,599 shares of the business services provider’s stock valued at $96,688,000 after purchasing an additional 390,884 shares during the last quarter. Institutional investors and hedge funds own 91.41% of the company’s stock.
In other TriNet Group news, Director H Raymond Bingham sold 415 shares of the stock in a transaction that occurred on Wednesday, March 17th. The stock was sold at an average price of $82.79, for a total value of $34,357.85. Following the completion of the sale, the director now owns 5,773 shares in the company, valued at approximately $477,946.67. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Burton M. Goldfield sold 11,666 shares of the stock in a transaction that occurred on Thursday, March 18th. The stock was sold at an average price of $81.74, for a total value of $953,578.84. Following the completion of the sale, the chief executive officer now owns 232,026 shares of the company’s stock, valued at approximately $18,965,805.24. The disclosure for this sale can be found here. Insiders have sold a total of 69,621 shares of company stock valued at $5,574,328 over the last 90 days. 39.30% of the stock is currently owned by company insiders.
TriNet Group (NYSE:TNET) last issued its earnings results on Sunday, April 25th. The business services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.36. The company had revenue of $309.00 million during the quarter, compared to analysts’ expectations of $280.46 million. TriNet Group had a return on equity of 44.94% and a net margin of 6.97%. TriNet Group’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.41 EPS. Research analysts anticipate that TriNet Group, Inc. will post 3.32 EPS for the current fiscal year.
TNET has been the topic of several recent research reports. Zacks Investment Research lowered TriNet Group from a “buy” rating to a “hold” rating in a research report on Friday. Credit Suisse Group increased their price objective on TriNet Group from $80.00 to $85.00 and gave the company a “neutral” rating in a research report on Tuesday, April 27th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $82.00.
TriNet Group Profile
TriNet Group, Inc provides human resources (HR) solutions 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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