NetEase (NASDAQ:NTES) Raised to Buy at Wall Street Zen

NetEase (NASDAQ:NTES) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

Several other analysts have also weighed in on the company. Morgan Stanley reissued an “overweight” rating and issued a $158.00 price objective on shares of NetEase in a report on Tuesday, May 26th. Zacks Research raised NetEase from a “hold” rating to a “strong-buy” rating in a report on Monday, June 8th. Benchmark reiterated a “buy” rating on shares of NetEase in a research report on Friday, May 22nd. The Goldman Sachs Group set a $169.00 price target on NetEase in a report on Wednesday, July 1st. Finally, Weiss Ratings upgraded NetEase from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, NetEase currently has an average rating of “Moderate Buy” and an average price target of $158.38.

NetEase Stock Performance

Shares of NetEase stock opened at $119.55 on Friday. The firm has a market cap of $76.54 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 1.55 and a beta of 0.72. The firm’s 50-day simple moving average is $123.97 and its 200-day simple moving average is $121.73. NetEase has a 1 year low of $106.06 and a 1 year high of $159.55.

Insiders Place Their Bets

In other NetEase news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of the stock in a transaction 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 sale, the general counsel directly owned 12,223 shares of the company’s stock, valued at $1,568,210.90. This trade represents a 45.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 54.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On NetEase

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

About NetEase

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.