Ping Capital Management Inc. Grows Stake in Baidu, Inc. (NASDAQ:BIDU)

Ping Capital Management Inc. grew its stake in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 42.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,200 shares of the information services provider's stock after buying an additional 4,200 shares during the quarter. Baidu comprises 0.5% of Ping Capital Management Inc.'s holdings, making the stock its 22nd biggest position. Ping Capital Management Inc.'s holdings in Baidu were worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Creekmur Asset Management LLC purchased a new position in shares of Baidu in the first quarter worth approximately $29,000. Massachusetts Financial Services Co. MA grew its position in Baidu by 319.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 807,322 shares of the information services provider's stock worth $74,298,000 after acquiring an additional 615,061 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in Baidu by 5.4% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 9,126 shares of the information services provider's stock worth $898,000 after acquiring an additional 469 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Baidu by 8.4% in the first quarter. SBI Securities Co. Ltd. now owns 6,983 shares of the information services provider's stock worth $643,000 after acquiring an additional 542 shares in the last quarter. Finally, Cerity Partners LLC grew its position in Baidu by 160.2% in the first quarter. Cerity Partners LLC now owns 11,138 shares of the information services provider's stock worth $1,025,000 after acquiring an additional 6,857 shares in the last quarter.

Wall Street Analyst Weigh In

BIDU has been the subject of several research analyst reports. Citigroup upped their target price on shares of Baidu from $138.00 to $140.00 and gave the company a "buy" rating in a research note on Thursday. Benchmark dropped their price objective on shares of Baidu from $130.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, May 22nd. Macquarie restated a "neutral" rating on shares of Baidu in a research note on Wednesday, May 21st. Jefferies Financial Group dropped their target price on shares of Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, Barclays dropped their target price on shares of Baidu from $84.00 to $81.00 and set an "equal weight" rating for the company in a research report on Friday. Twelve analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $105.09.

Baidu Stock Performance

Shares of Baidu stock traded up $0.30 during trading hours on Friday, hitting $87.81. 5,770,088 shares of the company's stock traded hands, compared to its average volume of 4,028,915. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.29 and a quick ratio of 2.29. The stock has a market capitalization of $30.33 billion, a price-to-earnings ratio of 8.71 and a beta of 0.33. Baidu, Inc. has a 12-month low of $74.71 and a 12-month high of $116.25. The company has a fifty day simple moving average of $86.71 and a 200-day simple moving average of $87.73.

Baidu 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.