Cramer Rosenthal Mcglynn LLC lessened its position in TriNet Group Inc (NYSE:TNET) by 25.5% during the fourth quarter, Holdings Channel reports. The fund owned 719,730 shares of the business services provider’s stock after selling 246,200 shares during the period. Cramer Rosenthal Mcglynn LLC’s holdings in TriNet Group were worth $31,913,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in TNET. State Street Corp grew its holdings in TriNet Group by 5.3% in the 2nd quarter. State Street Corp now owns 832,811 shares of the business services provider’s stock worth $27,265,000 after acquiring an additional 41,959 shares during the last quarter. American Century Companies Inc. bought a new stake in TriNet Group in the 3rd quarter worth $3,573,000. Prudential Financial Inc. grew its holdings in TriNet Group by 10.6% in the 3rd quarter. Prudential Financial Inc. now owns 27,162 shares of the business services provider’s stock worth $914,000 after acquiring an additional 2,610 shares during the last quarter. Sei Investments Co. grew its holdings in TriNet Group by 112.0% in the 3rd quarter. Sei Investments Co. now owns 7,913 shares of the business services provider’s stock worth $266,000 after acquiring an additional 4,181 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in TriNet Group by 4.0% in the 3rd quarter. New York State Common Retirement Fund now owns 70,987 shares of the business services provider’s stock worth $2,387,000 after acquiring an additional 2,700 shares during the last quarter. 85.94% of the stock is currently owned by institutional investors and hedge funds.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of TriNet Group from a “sell” rating to a “strong-buy” rating and set a $54.00 price target on the stock in a report on Wednesday, March 7th. Stifel Nicolaus raised their price target on shares of TriNet Group to $54.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $41.40.
TriNet Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, February 27th that authorizes the company to buyback $120.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other news, Director Martin Babinec sold 44,088 shares of TriNet Group stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $46.80, for a total transaction of $2,063,318.40. Following the sale, the director now owns 7,588 shares of the company’s stock, valued at approximately $355,118.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $775,047.68. Following the sale, the chief executive officer now directly owns 32,234 shares in the company, valued at approximately $1,402,823.68. The disclosure for this sale can be found here. Insiders have sold a total of 234,273 shares of company stock worth $10,327,173 in the last ninety days. Insiders own 41.80% of the company’s stock.
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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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