Stone Ridge Asset Management LLC acquired a new position in shares of TriNet Group Inc (NYSE:TNET) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 16,143 shares of the business services provider’s stock, valued at approximately $716,000.
Several other large investors have also recently made changes to their positions in TNET. Suntrust Banks Inc. acquired a new stake in shares of TriNet Group during the 4th quarter worth approximately $218,000. Pitcairn Co. acquired a new stake in shares of TriNet Group during the 4th quarter worth approximately $230,000. Intrust Bank NA acquired a new stake in shares of TriNet Group during the 4th quarter worth approximately $231,000. Amalgamated Bank acquired a new stake in shares of TriNet Group during the 4th quarter worth approximately $250,000. Finally, Sei Investments Co. grew its holdings in shares of TriNet Group by 112.0% during the 3rd quarter. Sei Investments Co. now owns 7,913 shares of the business services provider’s stock worth $266,000 after purchasing an additional 4,181 shares in the last quarter. 85.94% of the stock is currently owned by institutional investors.
TriNet Group Inc (NYSE TNET) opened at $47.39 on Friday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.86. The company has a market capitalization of $3,351.45, a P/E ratio of 28.14 and a beta of 2.54. TriNet Group Inc has a 52-week low of $27.27 and a 52-week high of $49.00.
TriNet Group declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 27th that allows the company to repurchase $120.00 million in shares. This repurchase authorization allows the business services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
In related news, Director Wayne B. Lowell sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. Following the completion of the transaction, the director now owns 26,381 shares in the company, valued at approximately $1,254,152.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Martin Babinec sold 36,500 shares of the firm’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $43.53, for a total value of $1,588,845.00. The disclosure for this sale can be found here. Insiders have sold a total of 220,109 shares of company stock valued at $9,721,254 in the last 90 days. 42.40% of the stock is owned by corporate insiders.
Several brokerages have recently weighed in on TNET. Zacks Investment Research raised TriNet Group from a “sell” rating to a “strong-buy” rating and set a $54.00 price objective on the stock in a report on Wednesday, March 7th. Stifel Nicolaus raised their target price on TriNet Group to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $41.40.
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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