FengHe Fund Management Pte. Ltd. reduced its stake in NetEase, Inc. (NASDAQ:NTES - Free Report) by 84.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 54,000 shares of the technology company's stock after selling 288,600 shares during the period. NetEase makes up 2.1% of FengHe Fund Management Pte. Ltd.'s portfolio, making the stock its 17th biggest position. FengHe Fund Management Pte. Ltd.'s holdings in NetEase were worth $5,558,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mather Group LLC. lifted its holdings in shares of NetEase by 1,415.0% during the first quarter. Mather Group LLC. now owns 303 shares of the technology company's stock valued at $31,000 after purchasing an additional 283 shares in the last quarter. TD Private Client Wealth LLC bought a new position in shares of NetEase during the first quarter valued at $65,000. Farther Finance Advisors LLC lifted its holdings in shares of NetEase by 191.7% during the first quarter. Farther Finance Advisors LLC now owns 986 shares of the technology company's stock valued at $105,000 after purchasing an additional 648 shares in the last quarter. Allianz SE bought a new position in shares of NetEase during the first quarter valued at $110,000. Finally, Greykasell Wealth Strategies Inc. bought a new position in shares of NetEase during the first quarter valued at $144,000. 11.07% of the stock is owned by institutional investors.
NetEase Trading Down 0.3%
NTES stock traded down $0.45 during trading on Friday, reaching $129.22. The stock had a trading volume of 953,540 shares, compared to its average volume of 803,900. NetEase, Inc. has a 52 week low of $75.85 and a 52 week high of $141.45. The stock's 50 day moving average is $132.01 and its two-hundred day moving average is $114.88. The firm has a market cap of $81.87 billion, a PE ratio of 17.49, a PEG ratio of 4.50 and a beta of 0.67.
NetEase Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Shareholders of record on Thursday, August 28th will be issued a $0.675 dividend. The ex-dividend date of this dividend is Thursday, August 28th. This represents a $2.70 dividend on an annualized basis and a yield of 2.1%. NetEase's dividend payout ratio is currently 38.71%.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on NTES. JPMorgan Chase & Co. downgraded NetEase from an "overweight" rating to a "neutral" rating and upped their price target for the company from $135.00 to $140.00 in a report on Monday, July 28th. Deutsche Bank Aktiengesellschaft began coverage on NetEase in a report on Monday, May 12th. They set a "buy" rating and a $130.00 price target on the stock. Wall Street Zen downgraded NetEase from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, Barclays increased their target price on NetEase from $104.00 to $118.00 and gave the company an "equal weight" rating in a report on Friday, May 16th. Two 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.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $120.00.
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About NetEase
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Free Report)
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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