23,262 Shares in Baidu, Inc. $BIDU Purchased by Connective Capital Management LLC

Key Points

• Connective Capital Management LLC acquired 23,262 shares of Baidu, Inc. valued at approximately $2.14 million, making it the firm's 18th largest holding.
• Several hedge funds significantly increased their stakes in Baidu during the first quarter, with Mirae Asset Global Investments boosting its position by 1,377.5% to nearly $490 million.
• Baidu's current stock price is around $90.01, with analysts offering a mixed outlook, resulting in a consensus target price of $104.11 and a majority rating of "Hold".

Connective Capital Management LLC purchased a new position in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 23,262 shares of the information services provider's stock, valued at approximately $2,141,000. Baidu comprises 2.0% of Connective Capital Management LLC's holdings, making the stock its 18th biggest holding.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. boosted its position in Baidu by 1,377.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,324,728 shares of the information services provider's stock worth $490,035,000 after purchasing an additional 4,964,350 shares during the period. Dimensional Fund Advisors LP raised its holdings in Baidu by 0.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,361,973 shares of the information services provider's stock valued at $125,338,000 after acquiring an additional 11,658 shares during the period. CoreView Capital Management Ltd lifted its position in Baidu by 2.0% during the fourth quarter. CoreView Capital Management Ltd now owns 1,262,003 shares of the information services provider's stock worth $106,399,000 after acquiring an additional 25,220 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Baidu by 2.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,037,626 shares of the information services provider's stock worth $95,494,000 after acquiring an additional 25,834 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Baidu by 14.1% during the fourth quarter. Bank of America Corp DE now owns 913,466 shares of the information services provider's stock worth $77,014,000 after acquiring an additional 112,680 shares during the period.

Baidu Price Performance

Shares of NASDAQ:BIDU opened at $90.01 on Monday. Baidu, Inc. has a one year low of $74.71 and a one year high of $116.25. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.85 and a quick ratio of 1.85. The company has a market cap of $31.09 billion, a price-to-earnings ratio of 8.30 and a beta of 0.34. The firm has a 50 day simple moving average of $87.73 and a 200 day simple moving average of $88.42.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays dropped their price target on Baidu from $84.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, July 18th. Wall Street Zen lowered shares of Baidu from a "hold" rating to a "sell" rating in a research report on Friday. Macquarie reiterated a "neutral" rating on shares of Baidu in a research report on Wednesday, May 21st. Benchmark lowered their price objective on Baidu from $120.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday. Finally, Citigroup upped their target price on Baidu from $138.00 to $140.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Six analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Baidu currently has an average rating of "Hold" and a consensus target price of $104.11.

Baidu Company Profile

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.

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