HighTower Advisors LLC lifted its position in shares of NetEase, Inc. (NASDAQ:NTES – Free Report) by 36.7% during the second quarter, Holdings Channel reports. The institutional investor owned 89,507 shares of the technology company’s stock after purchasing an additional 24,040 shares during the period. HighTower Advisors LLC’s holdings in NetEase were worth $11,469,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of NetEase by 68,860.6% in 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 worth $1,299,684,000 after acquiring an additional 8,538,717 shares during the period. Bank of America Corp DE lifted its holdings in 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 purchasing an additional 698,318 shares in the last quarter. PBU The Pension Fund of Early Childhood & Youth Educators bought a new position in NetEase in the 4th quarter worth approximately $44,214,000. Renaissance Technologies LLC boosted its stake in 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 purchasing an additional 274,500 shares during the period. Finally, Man Group plc grew its holdings in NetEase by 33.3% during the 2nd quarter. Man Group plc now owns 983,156 shares of the technology company’s stock valued at $132,313,000 after buying an additional 245,872 shares in the last quarter. Institutional investors own 11.07% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on NTES. Nomura lifted their price objective on shares of NetEase from $155.00 to $157.00 and gave the company a “buy” rating in a research report on Tuesday, August 25th. Sanford C. Bernstein restated an “outperform” rating and set a $160.00 target price on shares of NetEase in a research report on Friday, August 21st. Benchmark reaffirmed a “buy” rating on shares of NetEase in a research note on Friday, May 22nd. Weiss Ratings downgraded shares of NetEase from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Finally, Wall Street Zen downgraded shares of NetEase from a “buy” rating to a “hold” rating in a report on Sunday, August 2nd. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $160.57.
Insiders Place Their Bets
In other NetEase news, VP Aileen Mo sold 716 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $120.64, for a total transaction of $86,378.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Paul William Boltz, Jr. sold 10,000 shares of NetEase stock in a transaction on Monday, June 29th. The stock was sold at an average price of $128.30, for a total transaction of $1,283,000.00. Following the completion of the transaction, the general counsel directly owned 12,223 shares of the company’s stock, valued at $1,568,210.90. The trade was a 45.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 54.70% of the company’s stock.
NetEase Price Performance
NASDAQ NTES opened at $115.88 on Thursday. The stock has a market capitalization of $74.19 billion, a PE ratio of 15.96, a P/E/G ratio of 1.38 and a beta of 0.72. The business has a 50 day simple moving average of $126.33 and a two-hundred day simple moving average of $120.48. NetEase, Inc. has a 1-year low of $106.06 and a 1-year high of $159.55.
NetEase Cuts Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, September 3rd will be issued a $0.48 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.7%. NetEase’s dividend payout ratio (DPR) is 26.31%.
NetEase Company Profile
NetEase, Inc is a Chinese internet and technology company that develops and operates online games, digital content services and other internet-related products. Founded in 1997 by Ding Lei, the company has grown into a global developer and publisher of games for personal computers and mobile devices.
NetEase Games is the company’s primary business and offers original titles across genres including role-playing, strategy, action and competitive gaming. The company also publishes games through partnerships with international developers and operates game studios in China and overseas.
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