William Blair Investment Management LLC cut its position in VNET Group, Inc. – Unsponsored ADR (NASDAQ:VNET – Free Report) by 43.0% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 880,195 shares of the information technology services provider’s stock after selling 663,983 shares during the quarter. William Blair Investment Management LLC’s holdings in VNET Group were worth $7,446,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VNET. Global Retirement Partners LLC acquired a new position in shares of VNET Group during the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC lifted its position in shares of VNET Group by 52.2% during the second quarter. EverSource Wealth Advisors LLC now owns 4,157 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 1,426 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of VNET Group during the second quarter worth approximately $55,000. Persistent Asset Partners Ltd acquired a new position in shares of VNET Group during the third quarter worth approximately $100,000. Finally, Raymond James Financial Inc. acquired a new position in shares of VNET Group during the second quarter worth approximately $69,000. 72.83% of the stock is currently owned by institutional investors and hedge funds.
VNET Group Price Performance
Shares of VNET stock opened at $9.92 on Wednesday. VNET Group, Inc. – Unsponsored ADR has a 12-month low of $5.14 and a 12-month high of $14.48. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of -34.21 and a beta of 0.19. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 2.68. The firm has a fifty day moving average of $9.04 and a 200-day moving average of $9.71.
Insider Buying and Selling
In related news, Director David Lifeng Chen sold 83,544 shares of the business’s stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $1.51, for a total value of $126,151.44. Following the sale, the director directly owned 334,164 shares of the company’s stock, valued at approximately $504,587.64. The trade was a 20.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.10% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on VNET. Jefferies Financial Group reiterated a “buy” rating and set a $24.79 target price on shares of VNET Group in a research report on Tuesday. Zacks Research lowered shares of VNET Group from a “hold” rating to a “strong sell” rating in a research report on Monday, May 18th. Morgan Stanley reiterated an “overweight” rating and set a $16.00 target price on shares of VNET Group in a research report on Wednesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of VNET Group in a research report on Friday, March 27th. Finally, Wall Street Zen upgraded shares of VNET Group from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Three research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat, VNET Group has an average rating of “Hold” and a consensus target price of $19.03.
Check Out Our Latest Report on VNET
VNET Group Profile
VNET Group, Inc (NASDAQ: VNET) is a leading carrier-neutral internet data center (IDC) services provider in China. Established in 1999 and headquartered in Beijing, the company delivers a full spectrum of infrastructure solutions that support the growing digital economy. Its core offerings include data center colocation, managed hosting, network connectivity, and disaster recovery services designed to meet the performance and reliability requirements of enterprise and internet content customers.
The company’s product portfolio spans private cloud, public cloud and hybrid cloud deployments, enabling clients to scale computing resources on demand.
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