TriNet Group (NYSE:TNET – Get Free Report) updated its FY23 earnings guidance on Wednesday. The company provided EPS guidance of $6.25-7.05 for the period, compared to the consensus EPS estimate of $6.11. TriNet Group also updated its Q3 guidance to $1.25-1.50 EPS.
Wall Street Analyst Weigh In
Several equities research analysts recently issued reports on the company. StockNews.com cut TriNet Group from a buy rating to a hold rating in a research note on Friday, July 21st. Needham & Company LLC initiated coverage on shares of TriNet Group in a report on Friday, May 12th. They issued a buy rating and a $115.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $88.00.
TriNet Group Stock Down 0.9 %
Shares of TNET stock traded down $0.87 during midday trading on Wednesday, reaching $95.66. 227,293 shares of the stock were exchanged, compared to its average volume of 369,105. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.60. The company’s 50 day moving average is $94.98 and its two-hundred day moving average is $86.21. TriNet Group has a 1 year low of $60.60 and a 1 year high of $111.85. The firm has a market cap of $5.68 billion, a PE ratio of 17.33 and a beta of 1.16.
TriNet Group (NYSE:TNET – Get Free Report) last issued its quarterly earnings data on Wednesday, April 26th. The business services provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.58. TriNet Group had a return on equity of 47.82% and a net margin of 6.96%. The firm had revenue of $394.00 million during the quarter, compared to analyst estimates of $364.55 million. On average, equities research analysts predict that TriNet Group will post 5.19 EPS for the current year.
Insider Activity at TriNet Group
In other TriNet Group news, CEO Burton M. Goldfield sold 6,250 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $91.33, for a total value of $570,812.50. Following the completion of the transaction, the chief executive officer now owns 181,863 shares in the company, valued at $16,609,547.79. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Burton M. Goldfield sold 6,250 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $91.33, for a total value of $570,812.50. Following the transaction, the chief executive officer now directly owns 181,863 shares in the company, valued at approximately $16,609,547.79. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Alexander G. Warren sold 2,442 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $90.64, for a total transaction of $221,342.88. Following the completion of the transaction, the senior vice president now owns 39,058 shares in the company, valued at $3,540,217.12. The disclosure for this sale can be found here. Insiders have sold a total of 18,478 shares of company stock valued at $1,724,374 over the last ninety days. 40.60% of the stock is owned by company insiders.
Institutional Trading of TriNet Group
Several hedge funds have recently made changes to their positions in the company. Lazard Asset Management LLC increased its position in TriNet Group by 10.2% during the fourth quarter. Lazard Asset Management LLC now owns 1,830 shares of the business services provider’s stock worth $124,000 after purchasing an additional 169 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of TriNet Group by 1.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 21,002 shares of the business services provider’s stock valued at $1,424,000 after purchasing an additional 222 shares during the period. Royal Bank of Canada boosted its stake in TriNet Group by 31.7% during the 3rd quarter. Royal Bank of Canada now owns 1,017 shares of the business services provider’s stock valued at $72,000 after acquiring an additional 245 shares during the last quarter. Captrust Financial Advisors boosted its stake in TriNet Group by 78.7% during the 2nd quarter. Captrust Financial Advisors now owns 620 shares of the business services provider’s stock valued at $48,000 after acquiring an additional 273 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in TriNet Group by 1.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 15,676 shares of the business services provider’s stock valued at $1,063,000 after acquiring an additional 279 shares during the last quarter. Institutional investors and hedge funds own 93.09% of the company’s stock.
TriNet Group Company Profile
TriNet Group, Inc provides human resources (HR) consulting services, employee benefit options, payroll services, and employment risk mitigation 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.
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