NetEase (NASDAQ:NTES) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of NetEase (NASDAQ:NTES) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

Several other equities research analysts have also commented on the company. Weiss Ratings upgraded NetEase from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, July 20th. Morgan Stanley reiterated an “overweight” rating and issued a $158.00 price objective on shares of NetEase in a research note on Tuesday, May 26th. Benchmark reissued a “buy” rating on shares of NetEase in a research note on Friday, May 22nd. The Goldman Sachs Group set a $169.00 price objective on shares of NetEase in a research report on Wednesday, July 1st. Finally, Wall Street Zen raised NetEase from a “hold” rating to a “buy” rating in a research report on Saturday. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, NetEase presently has a consensus rating of “Moderate Buy” and an average target price of $158.38.

NetEase Stock Up 2.9%

NTES stock opened at $127.35 on Monday. The firm has a market cap of $81.54 billion, a price-to-earnings ratio of 16.91, a PEG ratio of 1.60 and a beta of 0.72. The company’s fifty day simple moving average is $124.43 and its 200 day simple moving average is $121.47. NetEase has a 12-month low of $106.06 and a 12-month high of $159.55.

NetEase Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, June 5th. NetEase’s dividend payout ratio is presently 38.11%.

Insider Buying and Selling

In other NetEase news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of NetEase stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $128.30, for a total transaction of $1,283,000.00. Following the transaction, the general counsel owned 12,223 shares of the company’s stock, valued at $1,568,210.90. This trade represents a 45.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 54.70% of the company’s stock.

Institutional Trading of NetEase

Hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of NetEase by 68,860.6% during 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 purchasing an additional 8,538,717 shares during the period. Renaissance Technologies LLC grew its position in NetEase by 25.2% during the first quarter. Renaissance Technologies LLC now owns 1,363,188 shares of the technology company’s stock valued at $152,595,000 after buying an additional 274,500 shares during the period. Bank of America Corp DE grew its position in NetEase by 111.4% during the first quarter. Bank of America Corp DE now owns 1,325,317 shares of the technology company’s stock valued at $148,356,000 after buying an additional 698,318 shares during the period. Dimensional Fund Advisors LP increased its holdings in NetEase by 16.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,079,110 shares of the technology company’s stock worth $120,697,000 after buying an additional 155,784 shares during the last quarter. Finally, Man Group plc increased its holdings in NetEase by 7.3% during the third quarter. Man Group plc now owns 1,055,122 shares of the technology company’s stock worth $160,368,000 after buying an additional 71,966 shares during the last quarter. 11.07% of the stock is currently owned by institutional investors.

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.