TriNet Group (NYSE:TNET) Updates FY 2024 Earnings Guidance

TriNet Group (NYSE:TNET) issued an update on its FY 2024 earnings guidance on Friday morning. The company provided earnings per share guidance of 5.250-6.800 for the period, compared to the consensus earnings per share estimate of 6.650. The company issued revenue guidance of $4.9 billion-$5.1 billion, compared to the consensus revenue estimate of $5.0 billion. TriNet Group also updated its FY24 guidance to $5.25-6.80 EPS.

TriNet Group Stock Performance

Shares of TNET traded down $21.30 during midday trading on Friday, reaching $105.48. The stock had a trading volume of 774,169 shares, compared to its average volume of 229,489. The firm has a 50 day simple moving average of $128.43 and a 200-day simple moving average of $119.48. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 12.62. The firm has a market cap of $5.33 billion, a PE ratio of 16.46 and a beta of 1.09. TriNet Group has a one year low of $79.00 and a one year high of $134.67.

TriNet Group (NYSE:TNET) last posted its earnings results on Thursday, February 15th. The business services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.46. The company had revenue of $326.00 million during the quarter, compared to analysts’ expectations of $300.36 million. TriNet Group had a net margin of 7.62% and a return on equity of 87.97%. As a group, sell-side analysts anticipate that TriNet Group will post 5.79 EPS for the current year.

TriNet Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 22nd. Shareholders of record on Monday, April 1st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend was Thursday, March 28th. TriNet Group’s dividend payout ratio (DPR) is 15.41%.

Analysts Set New Price Targets

Several brokerages have weighed in on TNET. Needham & Company LLC dropped their price objective on shares of TriNet Group from $150.00 to $140.00 and set a buy rating for the company in a research note on Friday. Stifel Nicolaus boosted their target price on shares of TriNet Group from $117.00 to $121.00 and gave the company a buy rating in a research report on Friday, February 16th. TD Cowen boosted their target price on shares of TriNet Group from $129.00 to $140.00 and gave the company an outperform rating in a research report on Monday, March 4th. Finally, StockNews.com upgraded shares of TriNet Group from a hold rating to a buy rating in a research report on Monday, February 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $117.50.

Insiders Place Their Bets

In other news, EVP Samantha Wellington sold 14,271 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $124.88, for a total value of $1,782,162.48. Following the sale, the executive vice president now directly owns 48,562 shares of the company’s stock, valued at approximately $6,064,422.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Samantha Wellington sold 14,271 shares of the company’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $124.88, for a total value of $1,782,162.48. Following the sale, the executive vice president now directly owns 48,562 shares of the company’s stock, valued at approximately $6,064,422.56. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Alexander G. Warren sold 2,385 shares of the company’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $123.07, for a total transaction of $293,521.95. Following the completion of the sale, the senior vice president now directly owns 18,365 shares in the company, valued at $2,260,180.55. The disclosure for this sale can be found here. Insiders have sold 31,052 shares of company stock valued at $3,837,142 in the last ninety days. 37.10% of the stock is currently owned by insiders.

About TriNet Group

TriNet Group, Inc provides comprehensive and flexible human capital management services for small and medium size 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.