HighTower Advisors LLC Buys 24,040 Shares of NetEase, Inc. $NTES

Key Points

• HighTower Advisors increased its NetEase stake by 36.7% in the second quarter, purchasing 24,040 additional shares for a total holding of 89,507 shares valued at approximately $11.5 million.
• NetEase shares opened at $115.88, below their 50-day moving average of $126.33, while the company declared a quarterly dividend of $0.48, equivalent to a 1.7% annualized yield.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and a $160.57 price target; recent actions included rating downgrades to “Hold” from Zacks Research and Wall Street Zen.

HighTower Advisors LLC grew its stake in shares of NetEase, Inc. (NASDAQ:NTES - Free Report) by 36.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 89,507 shares of the technology company's stock after acquiring an additional 24,040 shares during the quarter. HighTower Advisors LLC's holdings in NetEase were worth $11,469,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. V Square Quantitative Management LLC bought a new position in NetEase during the first quarter valued at approximately $25,000. Atlas Capital Advisors Inc. bought a new stake in NetEase in the 4th quarter worth approximately $47,000. Smartleaf Asset Management LLC grew its position in NetEase by 3,381.8% in the 2nd quarter. Smartleaf Asset Management LLC now owns 383 shares of the technology company's stock worth $51,000 after purchasing an additional 372 shares during the period. Harbour Investments Inc. raised its stake in NetEase by 7,480.0% during the 4th quarter. Harbour Investments Inc. now owns 379 shares of the technology company's stock valued at $52,000 after buying an additional 374 shares during the last quarter. Finally, MidFirst Bank purchased a new stake in NetEase during the 4th quarter valued at $57,000. 11.07% of the stock is currently owned by institutional investors.

NetEase Price Performance

Shares of NTES stock opened at $115.88 on Thursday. NetEase, Inc. has a 1 year low of $106.06 and a 1 year high of $159.55. The firm has a fifty day moving average price of $126.33 and a 200-day moving average price of $120.48. The company has a market cap of $74.19 billion, a price-to-earnings ratio of 15.96, a PEG ratio of 1.38 and a beta of 0.72.

NetEase Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, September 3rd will be given a $0.48 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.92 dividend on an annualized basis and a yield of 1.7%. NetEase's dividend payout ratio is presently 26.31%.

Insider Transactions at NetEase

In other news, General Counsel William Jr sold 10,000 shares of the firm's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $128.30, for a total value of $1,283,000.00. Following the transaction, the general counsel owned 12,223 shares of the company's stock, valued at $1,568,210.90. This trade represents a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Aileen Mo sold 716 shares of NetEase stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $120.64, for a total value of $86,378.24. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 54.70% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on NTES. Zacks Research cut NetEase from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Morgan Stanley reiterated an "overweight" rating and set a $158.00 price objective on shares of NetEase in a research report on Tuesday, May 26th. The Goldman Sachs Group set a $169.00 price objective on NetEase in a research report on Wednesday, July 1st. Wall Street Zen cut NetEase from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $160.00 target price on shares of NetEase in a research report on Friday, August 21st. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $160.57.

NetEase Profile

NetEase, Inc is a Chinese internet and technology company that develops and operates online games, digital content services and other internet-related products. Founded in 1997 by Ding Lei, the company has grown into a global developer and publisher of games for personal computers and mobile devices.

NetEase Games is the company's primary business and offers original titles across genres including role-playing, strategy, action and competitive gaming. The company also publishes games through partnerships with international developers and operates game studios in China and overseas.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.