Traders Buy NetEase (NTES) on Weakness
Investors purchased shares of NetEase Inc (NASDAQ:NTES) on weakness during trading on Friday. $338.21 million flowed into the stock on the tick-up and $120.94 million flowed out of the stock on the tick-down, for a money net flow of $217.27 million into the stock. Of all stocks tracked, NetEase had the 6th highest net in-flow for the day. NetEase traded down ($0.64) for the day and closed at $355.79
NTES has been the topic of several analyst reports. ValuEngine downgraded shares of NetEase from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Vetr downgraded shares of NetEase from a “strong-buy” rating to a “buy” rating and set a $327.04 target price on the stock. in a report on Monday, September 18th. Jefferies Group downgraded shares of NetEase from a “buy” rating to a “hold” rating and lowered their target price for the company from $330.00 to $290.00 in a report on Tuesday, October 3rd. Credit Suisse Group reaffirmed an “outperform” rating and issued a $315.00 target price on shares of NetEase in a report on Tuesday, October 3rd. Finally, Barclays initiated coverage on shares of NetEase in a report on Wednesday, October 4th. They issued an “equal weight” rating and a $260.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $327.05.
The firm has a market cap of $47,265.73, a P/E ratio of 23.82, a P/E/G ratio of 2.01 and a beta of 0.93.
NetEase announced that its Board of Directors has approved a stock buyback plan on Wednesday, November 15th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Several hedge funds and other institutional investors have recently made changes to their positions in NTES. IFP Advisors Inc raised its position in NetEase by 21.4% during the second quarter. IFP Advisors Inc now owns 391 shares of the technology company’s stock worth $118,000 after acquiring an additional 69 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its position in NetEase by 117.6% during the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 494 shares of the technology company’s stock worth $131,000 after acquiring an additional 267 shares during the last quarter. PNC Financial Services Group Inc. raised its position in NetEase by 22.4% during the second quarter. PNC Financial Services Group Inc. now owns 536 shares of the technology company’s stock worth $161,000 after acquiring an additional 98 shares during the last quarter. Mariner Wealth Advisors LLC acquired a new position in NetEase during the second quarter worth about $203,000. Finally, Hikari Power Ltd acquired a new position in NetEase during the second quarter worth about $210,000. Hedge funds and other institutional investors own 50.54% of the company’s stock.
NetEase Company Profile
NetEase, Inc (NetEase) is a technology company. The Company operates an interactive online community in China and is a provider of Chinese language content and services through its online games, Internet media, e-mail, e-commerce and other businesses. The Company operates through three segments: Online Game Services; Advertising Services, and E-mail, E-commerce and Others.
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