Range Financial Group LLC Sells 4,294 Shares of NetEase, Inc. $NTES

Range Financial Group LLC reduced its stake in NetEase, Inc. (NASDAQ:NTES) by 28.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,643 shares of the technology company’s stock after selling 4,294 shares during the quarter. Range Financial Group LLC’s holdings in NetEase were worth $1,290,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Lazard Asset Management LLC boosted its stake in NetEase by 64.2% during the first quarter. Lazard Asset Management LLC now owns 581,720 shares of the technology company’s stock valued at $65,118,000 after buying an additional 227,433 shares during the last quarter. Carrhae Capital LLP increased its stake in NetEase by 343.2% in the 2nd quarter. Carrhae Capital LLP now owns 306,577 shares of the technology company’s stock worth $39,285,000 after acquiring an additional 237,410 shares during the last quarter. Royal Bank of Canada increased its stake in NetEase by 40.8% in the 1st quarter. Royal Bank of Canada now owns 99,814 shares of the technology company’s stock worth $11,173,000 after acquiring an additional 28,934 shares during the last quarter. Temasek Holdings Private Ltd increased its stake in NetEase by 50.7% in the 1st quarter. Temasek Holdings Private Ltd now owns 708,114 shares of the technology company’s stock worth $79,266,000 after acquiring an additional 238,386 shares during the last quarter. Finally, XY Capital Ltd purchased a new stake in shares of NetEase during the 2nd quarter worth approximately $1,312,000. 11.07% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Aileen Mo sold 716 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $120.64, for a total transaction of $86,378.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 54.70% of the stock is owned by company insiders.

NetEase Stock Performance

NASDAQ:NTES opened at $125.11 on Wednesday. The stock’s fifty day moving average is $121.14 and its 200 day moving average is $121.52. NetEase, Inc. has a fifty-two week low of $106.06 and a fifty-two week high of $153.54. The firm has a market capitalization of $80.10 billion, a PE ratio of 17.25, a PEG ratio of 1.47 and a beta of 0.68.

NetEase Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Thursday, September 3rd were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 1.5%. This is a drop from NetEase’s previous quarterly dividend of $0.72. The ex-dividend date was Thursday, September 3rd. NetEase’s dividend payout ratio (DPR) is presently 26.31%.

Analyst Ratings Changes

A number of research analysts have recently commented on NTES shares. Nomura increased their target price on 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 issued a $160.00 price target on shares of NetEase in a research report on Friday, August 21st. Zacks Research downgraded shares of NetEase from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 27th. Weiss Ratings downgraded shares of NetEase from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Finally, BNP Paribas Exane assumed coverage on shares of NetEase in a research report on Tuesday, September 22nd. They set an “outperform” rating and a $180.00 price objective for the company. Six research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $159.86.

About NetEase

NetEase, Inc is a China-based internet and technology company founded in 1997 by William Ding. The company develops and operates online games for personal computers and mobile devices, serving players in China and international markets.

NetEase Games is the company’s primary business and offers original titles such as Fantasy Westward Journey, Justice, and Identity V, along with games developed through partnerships and international studios. NetEase also publishes and distributes games in overseas markets through its global operations.

Beyond gaming, NetEase operates NetEase Cloud Music, an online music streaming and social platform, and Youdao, which provides educational technology, learning tools, and related content and services.