Shares
Hold
Fair value $83.29; the price is close to it, 18% under (range $70.09–$94.82, 4 of 4 models).
How we value it ›Prices as of 2:51 PM ET, Sep 17. Check the live quote before you send an order.
The put
Skip
Skip the put. It pays a lot because TNET can drop a lot. Wait, or buy shares.
If it goes against you: you buy 100 shares at $65, which after the $233 you keep works out to $62.67 a share. Below $62.67 you are down on the trade. From that day the shares take above is the one that applies.
The order, if you sell it anyway
You get$233 (limit about $2.33)
If it fallsBuy 100 shares at $65
Cash to hold$6,500
Close earlyBuy back at about $2.33 ($233)
Chance you buy the sharesabout 34 in 100
ContractTNET Oct 16 $65 put
ActionSell to open
In your broker app: open the stock → Trade → Options → Sell to open → pick the contract shown here.
Why skip
The put: Oct 16, $65 strike, 29 days out. Pays $233. Roughly a 34-in-100 chance you end up buying the shares.
On paper: 45% a year. That number assumes TNET keeps moving like it did the past two years. Take that away and it is -56% a year. That is why we say skip.
Next earnings Oct 28, after this put ends. We never sell a put across a report.