Shares of TriNet (NYSE:TNET) reached a new 52-week high and low during trading on Thursday . The company traded as low as $51.27 and last traded at $51.22, with a volume of 251556 shares traded. The stock had previously closed at $50.85.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research cut shares of TriNet from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. Stifel Nicolaus lifted their price objective on shares of TriNet to $54.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. ValuEngine raised shares of TriNet from a “hold” rating to a “buy” rating in a research note on Wednesday, April 4th. Finally, Morgan Stanley raised shares of TriNet from an “underweight” rating to an “equal weight” rating and set a $46.00 price objective on the stock in a research note on Wednesday, April 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. TriNet has an average rating of “Buy” and a consensus price target of $45.20.
The company has a market capitalization of $3,588.23, a PE ratio of 30.13 and a beta of 2.50. The company has a debt-to-equity ratio of 1.86, a quick ratio of 1.13 and a current ratio of 1.13.
TriNet declared that its board has authorized a stock repurchase program on Tuesday, February 27th that permits the company to repurchase $120.00 million in outstanding shares. This repurchase authorization permits the business services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Michael P. Murphy sold 837 shares of TriNet stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $40.86, for a total value of $34,199.82. Following the transaction, the insider now directly owns 19,444 shares of the company’s stock, valued at $794,481.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Burton M. Goldfield sold 17,809 shares of TriNet stock in a transaction that occurred on Tuesday, April 17th. The stock was sold at an average price of $49.43, for a total transaction of $880,298.87. Following the completion of the transaction, the chief executive officer now directly owns 211,074 shares in the company, valued at $10,433,387.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 392,114 shares of company stock worth $18,113,748. 42.40% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Suntrust Banks Inc. purchased a new position in TriNet during the fourth quarter valued at approximately $218,000. Pitcairn Co. purchased a new position in TriNet during the fourth quarter valued at approximately $230,000. Intrust Bank NA purchased a new position in TriNet during the fourth quarter valued at approximately $231,000. Amalgamated Bank purchased a new position in TriNet during the fourth quarter valued at approximately $250,000. Finally, Invictus RG grew its position in TriNet by 885.6% during the fourth quarter. Invictus RG now owns 6,071 shares of the business services provider’s stock valued at $269,000 after purchasing an additional 5,455 shares in the last quarter. 85.94% of the stock is currently owned by hedge funds and other institutional investors.
TriNet Company Profile
TriNet Group, Inc provides human resources solutions for small and midsize businesses in the United States and Canada. 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 benefit law compliance; and other services.
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