Ovata Capital Management Ltd cut its stake in NetEase, Inc. (NASDAQ:NTES – Free Report) by 73.1% in the fourth quarter, Holdings Channel reports. The fund owned 6,800 shares of the technology company’s stock after selling 18,500 shares during the period. Ovata Capital Management Ltd’s holdings in NetEase were worth $937,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Cornerstone Planning Group LLC acquired a new stake in shares of NetEase in the 3rd quarter worth $33,000. Harbour Investments Inc. increased its stake in shares of NetEase by 7,480.0% in the 4th quarter. Harbour Investments Inc. now owns 379 shares of the technology company’s stock worth $52,000 after acquiring an additional 374 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of NetEase by 3,381.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 383 shares of the technology company’s stock worth $51,000 after acquiring an additional 372 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of NetEase by 479.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 429 shares of the technology company’s stock worth $65,000 after acquiring an additional 355 shares during the last quarter. Finally, Spire Wealth Management increased its stake in shares of NetEase by 31.3% in the 4th quarter. Spire Wealth Management now owns 436 shares of the technology company’s stock worth $60,000 after acquiring an additional 104 shares during the last quarter. 11.07% of the stock is owned by institutional investors and hedge funds.
NetEase Price Performance
Shares of NetEase stock opened at $122.73 on Friday. The business has a 50-day moving average of $115.73 and a 200 day moving average of $124.97. NetEase, Inc. has a 12 month low of $106.06 and a 12 month high of $159.55. The stock has a market capitalization of $78.35 billion, a price-to-earnings ratio of 16.30, a price-to-earnings-growth ratio of 1.70 and a beta of 0.72.
NetEase Cuts Dividend
Analysts Set New Price Targets
NTES has been the subject of a number of recent research reports. Benchmark reaffirmed a “buy” rating on shares of NetEase in a research note on Friday, May 22nd. Wall Street Zen raised NetEase from a “hold” rating to a “buy” rating in a research note on Saturday, May 23rd. Barclays cut their target price on NetEase from $135.00 to $132.00 and set an “equal weight” rating for the company in a research note on Thursday, February 12th. Citigroup reiterated a “buy” rating on shares of NetEase in a report on Wednesday, February 11th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $158.00 price target on shares of NetEase in a report on Tuesday, May 26th. Seven equities 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 stock has an average rating of “Moderate Buy” and a consensus target price of $157.38.
Check Out Our Latest Research Report on NetEase
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.
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