NetEase (NASDAQ:NTES) Stock Price Breaks Above Two Hundred Day Moving Average – Here’s What Happened

NetEase, Inc. (NASDAQ:NTES)’s share price crossed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $120.99 and traded as high as $122.15. NetEase shares last traded at $121.26, with a volume of 985,366 shares.

Analysts Set New Price Targets

NTES has been the subject of a number of analyst reports. Nomura boosted their price target on NetEase from $155.00 to $157.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. Weiss Ratings restated a “hold (c)” rating on shares of NetEase in a research report on Monday. Zacks Research cut shares of NetEase from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 20th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of NetEase in a report on Friday, August 21st. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $163.00 price objective on shares of NetEase in a research report on Monday, September 28th. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, NetEase currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.86.

NetEase Trading Up 2.3%

The firm’s 50-day moving average is $119.67 and its two-hundred day moving average is $120.89. The stock has a market cap of $82.88 billion, a price-to-earnings ratio of 15.91, a P/E/G ratio of 1.37 and a beta of 0.64.

NetEase Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 3rd were given a $0.48 dividend. 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 26.31%.

Insider Activity

In other news, VP Aileen Mo sold 716 shares of NetEase stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $120.64, for a total value of $86,378.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 54.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in NetEase by 25.2% in 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 last quarter. Bank of America Corp DE boosted its stake 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 worth $148,356,000 after buying an additional 698,318 shares during the period. Dimensional Fund Advisors LP boosted its stake 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 period. Temasek Holdings Private Ltd increased its position in shares of NetEase by 50.7% during the first quarter. Temasek Holdings Private Ltd now owns 708,114 shares of the technology company’s stock valued at $79,266,000 after acquiring an additional 238,386 shares during the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of 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 acquiring an additional 227,433 shares during the last quarter. Hedge funds and other institutional investors own 11.07% of the company’s stock.

About NetEase

NetEase, Inc is a China-based internet technology company best known for developing and publishing online games. Its portfolio includes titles such as Fantasy Westward Journey and Identity V, as well as games for mobile and other platforms. The company serves players in China and international markets.

NetEase also operates NetEase Cloud Music, a music streaming and social platform, and Youdao, which provides digital learning services and education technology products. Its businesses span game development and publishing, music, and online learning.

Founded in 1997 by William Ding, NetEase is headquartered in Hangzhou, China.