NetEase (NASDAQ:NTES) Stock Rating Lowered by Zacks Research

NetEase (NASDAQ:NTES) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday, Zacks reports.

Other research analysts have also recently issued reports about the stock. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $160.00 target price on shares of NetEase in a report on Friday, August 21st. Wall Street Zen cut shares of NetEase from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Nomura increased their price target on shares of NetEase from $155.00 to $157.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. Morgan Stanley reissued an “overweight” rating and set a $163.00 price target on shares of NetEase in a research report on Monday, September 28th. Finally, The Goldman Sachs Group set a $169.00 price target on shares of NetEase in a research report on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, NetEase has an average rating of “Moderate Buy” and a consensus target price of $159.86.

NetEase Price Performance

Shares of NetEase stock opened at $122.98 on Tuesday. NetEase has a 1 year low of $106.06 and a 1 year high of $149.20. The firm’s 50-day moving average is $121.11 and its 200 day moving average is $121.59. The stock has a market cap of $78.74 billion, a price-to-earnings ratio of 16.94, a PEG ratio of 1.47 and a beta of 0.68.

Insider Activity at NetEase

In related news, VP Aileen Mo sold 716 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $120.64, for a total transaction of $86,378.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 54.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On NetEase

Several large investors have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its stake in NetEase by 25.2% during the 1st quarter. Renaissance Technologies LLC now owns 1,363,188 shares of the technology company’s stock valued at $152,595,000 after acquiring an additional 274,500 shares during the period. Bank of America Corp DE grew its stake in shares of NetEase by 111.4% in the first 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 during the period. Dimensional Fund Advisors LP grew its stake in shares of NetEase by 16.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,079,110 shares of the technology company’s stock worth $120,697,000 after acquiring an additional 155,784 shares during the period. Temasek Holdings Private Ltd grew its stake in shares of NetEase by 50.7% in the first quarter. Temasek Holdings Private Ltd now owns 708,114 shares of the technology company’s stock worth $79,266,000 after acquiring an additional 238,386 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in shares of NetEase by 64.2% during the first quarter. Lazard Asset Management LLC now owns 581,720 shares of the technology company’s stock valued at $65,118,000 after purchasing an additional 227,433 shares during the last quarter. 11.07% of the stock is currently owned by institutional investors.

About NetEase

NetEase, Inc is a China-based internet and technology company founded in 1997 by William Ding. The company develops and operates online games for personal computers and mobile devices, serving players in China and international markets.

NetEase Games is the company’s primary business and offers original titles such as Fantasy Westward Journey, Justice, and Identity V, along with games developed through partnerships and international studios. NetEase also publishes and distributes games in overseas markets through its global operations.

Beyond gaming, NetEase operates NetEase Cloud Music, an online music streaming and social platform, and Youdao, which provides educational technology, learning tools, and related content and services.