NetEase, Inc. (NASDAQ:NTES – Get Free Report)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $130.82, but opened at $135.93. NetEase shares last traded at $134.5730, with a volume of 177,010 shares.
Wall Street Analysts Forecast Growth
NTES has been the topic of a number of research reports. The Goldman Sachs Group set a $169.00 price objective on shares of NetEase in a report on Wednesday, July 1st. Morgan Stanley reissued an “overweight” rating and set a $158.00 price objective on shares of NetEase in a research report on Tuesday, May 26th. Benchmark restated a “buy” rating on shares of NetEase in a research note on Friday, May 22nd. Zacks Research raised NetEase from a “hold” rating to a “strong-buy” rating in a report on Monday, June 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NetEase in a report on Thursday, June 18th. 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 stock. According to data from MarketBeat.com, NetEase currently has an average rating of “Moderate Buy” and an average target price of $158.38.
Check Out Our Latest Stock Analysis on NTES
NetEase Price Performance
NetEase Cuts Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $2.88 dividend on an annualized basis and a yield of 2.2%. NetEase’s dividend payout ratio (DPR) is currently 38.11%.
Insider Activity at NetEase
In other news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of the business’s stock in a transaction dated 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 transaction, the general counsel directly owned 12,223 shares in the company, valued at $1,568,210.90. The trade was a 45.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 54.70% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC purchased a new position in shares of NetEase in the first quarter worth $25,000. Atlas Capital Advisors Inc. bought a new stake in NetEase in the 4th quarter valued at $47,000. Smartleaf Asset Management LLC lifted its stake in 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 purchasing an additional 372 shares in the last quarter. Harbour Investments Inc. lifted its stake in 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 purchasing an additional 374 shares in the last quarter. Finally, MidFirst Bank bought a new position in shares of NetEase during the 4th quarter valued at about $57,000. 11.07% of the stock is currently owned by institutional investors.
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.
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