NetEase (NASDAQ:NTES) Cut to Hold at Zacks Research

NetEase (NASDAQ:NTES) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. Benchmark restated a “buy” rating on shares of NetEase in a research report on Friday, May 22nd. Wall Street Zen upgraded NetEase from a “hold” rating to a “buy” rating in a report on Saturday. Morgan Stanley reaffirmed an “overweight” rating and set a $158.00 price target on shares of NetEase in a research report on Tuesday, May 26th. Weiss Ratings upgraded NetEase from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, July 20th. Finally, The Goldman Sachs Group set a $169.00 target price on NetEase in a research note on Wednesday, July 1st. Seven research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $158.38.

NetEase Price Performance

Shares of NTES stock opened at $127.35 on Monday. The business has a 50-day moving average of $124.43 and a 200 day moving average of $121.47. NetEase has a 1-year low of $106.06 and a 1-year high of $159.55. The stock has a market capitalization of $81.54 billion, a PE ratio of 16.91, a P/E/G ratio of 1.60 and a beta of 0.72.

Insider Activity at NetEase

In other news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $128.30, for a total value of $1,283,000.00. Following the completion of the transaction, the general counsel owned 12,223 shares in the company, valued at $1,568,210.90. This trade represents a 45.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 54.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On NetEase

Institutional investors have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in NetEase by 68,860.6% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,551,117 shares of the technology company’s stock valued at $1,299,684,000 after buying an additional 8,538,717 shares during the period. Renaissance Technologies LLC increased its stake in shares of NetEase by 25.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,363,188 shares of the technology company’s stock worth $152,595,000 after acquiring an additional 274,500 shares in the last quarter. Bank of America Corp DE increased its stake in shares of NetEase by 111.4% in the 1st quarter. Bank of America Corp DE now owns 1,325,317 shares of the technology company’s stock worth $148,356,000 after acquiring an additional 698,318 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in NetEase by 16.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,079,110 shares of the technology company’s stock valued at $120,697,000 after acquiring an additional 155,784 shares during the period. Finally, Man Group plc lifted its position in NetEase by 7.3% during the 3rd quarter. Man Group plc now owns 1,055,122 shares of the technology company’s stock valued at $160,368,000 after acquiring an additional 71,966 shares during the period. Institutional investors own 11.07% of the company’s stock.

NetEase Company Profile

NetEase, Inc (NASDAQ: NTES) is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company’s founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company’s primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.