Zacks Investment Research upgraded shares of TriNet Group (NYSE:TNET) from a sell rating to a strong-buy rating in a research report sent to investors on Wednesday morning. They currently have $54.00 target price on the business services provider’s stock.
According to Zacks, “TriNet Group, Inc. is a provider of a comprehensive human resources solution for small to medium-sized businesses. It offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. The Company serves banking and financial services, biotech and life sciences, technology, non-profits, professional services, venture capital, and advertising and marketing industries. TriNet Group, Inc. is headquartered in San Leandro, California. “
A number of other brokerages have also recently issued reports on TNET. BidaskClub raised shares of TriNet Group from a hold rating to a buy rating in a research report on Tuesday, November 7th. Stifel Nicolaus lifted their price target on shares of TriNet Group to $54.00 and gave the company a buy rating in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Hold and a consensus target price of $41.40.
TriNet Group declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 27th that allows the company to buyback $120.00 million in shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In other TriNet Group news, CEO Burton M. Goldfield sold 17,809 shares of TriNet Group stock in a transaction dated Monday, December 18th. The shares were sold at an average price of $43.52, for a total value of $775,047.68. Following the completion of the transaction, the chief executive officer now directly owns 32,234 shares of the company’s stock, valued at $1,402,823.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Wayne B. Lowell sold 10,000 shares of TriNet Group stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $47.54, for a total transaction of $475,400.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 234,273 shares of company stock valued at $10,327,173. 42.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of TNET. Suntrust Banks Inc. purchased a new position in TriNet Group in the fourth quarter worth about $218,000. Pitcairn Co. purchased a new position in TriNet Group in the fourth quarter worth about $230,000. Intrust Bank NA purchased a new position in TriNet Group in the fourth quarter worth about $231,000. Amalgamated Bank purchased a new position in TriNet Group in the fourth quarter worth about $250,000. Finally, Sei Investments Co. raised its holdings in TriNet Group by 112.0% in the third quarter. Sei Investments Co. now owns 7,913 shares of the business services provider’s stock worth $266,000 after buying an additional 4,181 shares during the last quarter. 85.42% of the stock is owned by institutional investors and hedge funds.
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About TriNet Group
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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