Envestnet Asset Management Inc. Trims Stock Holdings in Baidu, Inc. (NASDAQ:BIDU)

Key Points

• Envestnet Asset Management Inc. has reduced its stake in Baidu, Inc. by 28.8%, holding 9,988 shares worth approximately $919,000 after selling 4,035 shares in the 1st quarter.
• Several institutional investors including FNY Investment Advisers and Ameriprise Financial have acquired or increased their positions in Baidu, indicating mixed investor interest.
• Brokerages have lowered their target prices for Baidu, with Benchmark reducing it from $130.00 to $120.00, while others reaffirmed "buy" or "hold" ratings amidst fluctuating stock prices.

Envestnet Asset Management Inc. lessened its stake in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 28.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,988 shares of the information services provider's stock after selling 4,035 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Baidu were worth $919,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in BIDU. UMB Bank n.a. grew its holdings in shares of Baidu by 80.3% during the first quarter. UMB Bank n.a. now owns 402 shares of the information services provider's stock worth $37,000 after purchasing an additional 179 shares in the last quarter. CX Institutional purchased a new position in shares of Baidu during the first quarter worth about $49,000. GeoWealth Management LLC grew its holdings in shares of Baidu by 88.5% during the fourth quarter. GeoWealth Management LLC now owns 656 shares of the information services provider's stock worth $55,000 after purchasing an additional 308 shares in the last quarter. Silver Oak Securities Incorporated purchased a new position in shares of Baidu during the first quarter worth about $97,000. Finally, Investors Research Corp grew its holdings in shares of Baidu by 20.5% during the first quarter. Investors Research Corp now owns 1,760 shares of the information services provider's stock worth $162,000 after purchasing an additional 300 shares in the last quarter.

Baidu Trading Up 1.8%

Shares of BIDU traded up $1.51 during mid-day trading on Monday, hitting $87.64. 2,776,516 shares of the company's stock traded hands, compared to its average volume of 4,424,771. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.27. Baidu, Inc. has a 1 year low of $74.71 and a 1 year high of $116.25. The firm has a market capitalization of $30.27 billion, a P/E ratio of 8.69 and a beta of 0.34. The business's 50-day moving average price is $86.85 and its 200-day moving average price is $88.36.

Analyst Ratings Changes

BIDU has been the subject of several recent analyst reports. Citigroup boosted their price objective on Baidu from $138.00 to $140.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Jefferies Financial Group dropped their target price on Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Macquarie restated a "neutral" rating on shares of Baidu in a research report on Wednesday, May 21st. Barclays decreased their target price on shares of Baidu from $84.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, July 18th. Finally, Benchmark cut their price target on shares of Baidu from $130.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, May 22nd. Twelve research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $105.09.

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.