Mirae Asset Global Investments Co. Ltd. Sells 2,777,082 Shares of NetEase, Inc. $NTES

Key Points

• Mirae Asset Global Investments Co. Ltd. reduced its holdings in NetEase, Inc. by 98.6%, selling 2,777,082 shares and now owning only 39,939 shares valued at $5,375,000.
• Several hedge funds, including Sumitomo Mitsui Trust Group Inc. and GAMMA Investing LLC, have increased their stakes in NetEase, reflecting a complex shift in institutional interest.
• Analysts are divided on NetEase, with recent upgrades giving it a consensus rating of "Moderate Buy" and a target price of $132.00, while some firms have issued mixed ratings on the stock.

Mirae Asset Global Investments Co. Ltd. lessened its holdings in NetEase, Inc. (NASDAQ:NTES - Free Report) by 98.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 39,939 shares of the technology company's stock after selling 2,777,082 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in NetEase were worth $5,375,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of NetEase by 20.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,685 shares of the technology company's stock valued at $894,000 after purchasing an additional 1,495 shares during the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of NetEase during the 1st quarter worth about $398,000. Concurrent Investment Advisors LLC grew its stake in NetEase by 5.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,569 shares of the technology company's stock valued at $264,000 after buying an additional 132 shares during the last quarter. GAMMA Investing LLC grew its stake in NetEase by 10,192.0% in the 1st quarter. GAMMA Investing LLC now owns 2,573 shares of the technology company's stock valued at $265,000 after buying an additional 2,548 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new position in NetEase in the 1st quarter valued at about $2,554,000. Institutional investors and hedge funds own 11.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Arete Research upgraded NetEase to a "strong-buy" rating in a report on Wednesday, September 3rd. Wall Street Zen upgraded NetEase from a "buy" rating to a "strong-buy" rating in a research note on Friday. Arete raised NetEase from a "sell" rating to a "buy" rating and set a $150.00 price objective on the stock in a report on Wednesday, September 3rd. JPMorgan Chase & Co. downgraded NetEase from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $135.00 to $140.00 in a report on Monday, July 28th. Finally, Barclays set a $120.00 target price on shares of NetEase and gave the company an "equal weight" rating in a research report on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $132.00.

NetEase Stock Performance

NTES opened at $151.04 on Tuesday. NetEase, Inc. has a 52-week low of $75.88 and a 52-week high of $159.55. The firm has a market cap of $95.70 billion, a P/E ratio of 20.44, a price-to-earnings-growth ratio of 2.02 and a beta of 0.67. The business's fifty day moving average is $140.21 and its 200-day moving average is $125.53.

NetEase Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th were issued a $0.675 dividend. This represents a $2.70 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, August 28th. NetEase's dividend payout ratio (DPR) is currently 30.72%.

NetEase Profile

NetEase, Inc engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally . The company operates through Games and Related Value-Added Services, Youdao, Cloud Music, and Innovative Businesses and Others segments.

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