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TriNet (TNET) Surges 9.8%: Is This an Indication of Further Gains?
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TriNet Group (TNET - Free Report) shares rallied 9.8% in the last trading session to close at $106.85. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.6% gain over the past four weeks.
The stock seems to have soared on sale rumors. Reuters reported last Friday that Trinet is considering selling itself and is in discussions with potential buyers.
This human resources services outsourcing company is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents a year-over-year change of -29.7%. Revenues are expected to be $310.34 million, down 10.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For TriNet, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TNET going forward to see if this recent jump can turn into more strength down the road.
TriNet belongs to the Zacks Outsourcing industry. Another stock from the same industry, Barrett Business Services (BBSI - Free Report) , closed the last trading session 0.8% lower at $90.74. Over the past month, BBSI has returned 13.7%.
Barrett's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.85. Compared to the company's year-ago EPS, this represents a change of -25.4%. Barrett currently boasts a Zacks Rank of #2 (Buy).
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TriNet (TNET) Surges 9.8%: Is This an Indication of Further Gains?
TriNet Group (TNET - Free Report) shares rallied 9.8% in the last trading session to close at $106.85. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.6% gain over the past four weeks.
The stock seems to have soared on sale rumors. Reuters reported last Friday that Trinet is considering selling itself and is in discussions with potential buyers.
This human resources services outsourcing company is expected to post quarterly earnings of $1.21 per share in its upcoming report, which represents a year-over-year change of -29.7%. Revenues are expected to be $310.34 million, down 10.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For TriNet, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on TNET going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
TriNet belongs to the Zacks Outsourcing industry. Another stock from the same industry, Barrett Business Services (BBSI - Free Report) , closed the last trading session 0.8% lower at $90.74. Over the past month, BBSI has returned 13.7%.
Barrett's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.85. Compared to the company's year-ago EPS, this represents a change of -25.4%. Barrett currently boasts a Zacks Rank of #2 (Buy).