NetEase, Inc. $NTES Shares Sold by Crossmark Global Holdings Inc.

Key Points

• Crossmark Global Holdings reduced its NetEase stake by 7.3% in the third quarter, selling 9,111 shares and retaining 115,846 shares valued at approximately $14.0 million. Institutional investors own 11.07% of the company.
• NetEase shares opened at $122.98, while analysts maintained a generally positive outlook. The stock has a consensus “Moderate Buy” rating and an average price target of $159.86.
• NetEase cut its quarterly dividend to $0.48 per share from $0.72, equivalent to an annualized dividend of $1.92 and a 1.6% yield.

Crossmark Global Holdings Inc. lowered its stake in NetEase, Inc. (NASDAQ:NTES - Free Report) by 7.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 115,846 shares of the technology company's stock after selling 9,111 shares during the quarter. Crossmark Global Holdings Inc.'s holdings in NetEase were worth $14,036,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. V Square Quantitative Management LLC bought a new position in shares of NetEase in the first quarter worth about $25,000. Allworth Financial LP increased its stake in NetEase by 210.2% during the second quarter. Allworth Financial LP now owns 667 shares of the technology company's stock worth $85,000 after acquiring an additional 452 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of NetEase by 16.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 777 shares of the technology company's stock worth $87,000 after purchasing an additional 107 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in NetEase during the 2nd quarter valued at $102,000. Finally, Strategic Investment Advisors MI purchased a new position in NetEase during the first quarter worth $116,000. Institutional investors own 11.07% of the company's stock.

Insider Buying and Selling at NetEase

In related news, VP Aileen Mo sold 716 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $120.64, for a total value of $86,378.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 54.70% of the stock is currently owned by company insiders.

NetEase Price Performance

NTES stock opened at $122.98 on Thursday. NetEase, Inc. has a 12 month low of $106.06 and a 12 month high of $149.20. The company has a market capitalization of $78.74 billion, a P/E ratio of 16.94, a price-to-earnings-growth ratio of 1.47 and a beta of 0.68. The firm's fifty day simple moving average is $121.11 and its 200-day simple moving average is $121.59.

NetEase Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 3rd were paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Thursday, September 3rd. This is a negative change from NetEase's previous quarterly dividend of $0.72. NetEase's dividend payout ratio is 26.31%.

Analysts Set New Price Targets

NTES has been the topic of a number of analyst reports. BNP Paribas Exane initiated coverage on NetEase in a research note on Tuesday, September 22nd. They set an "outperform" rating and a $180.00 target price on the stock. Sanford C. Bernstein restated an "outperform" rating and issued a $160.00 target price on shares of NetEase in a research note on Friday, August 21st. Morgan Stanley reaffirmed an "overweight" rating and set a $163.00 target price on shares of NetEase in a research report on Monday, September 28th. Nomura increased their price target on NetEase from $155.00 to $157.00 and gave the stock a "buy" rating in a research report on Tuesday, August 25th. Finally, Wall Street Zen cut NetEase from a "buy" rating to a "hold" rating in a research report on Sunday, August 2nd. Six research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $159.86.

NetEase Profile

NetEase, Inc is a China-based internet and technology company founded in 1997 by William Ding. The company develops and operates online games for personal computers and mobile devices, serving players in China and international markets.

NetEase Games is the company's primary business and offers original titles such as Fantasy Westward Journey, Justice, and Identity V, along with games developed through partnerships and international studios. NetEase also publishes and distributes games in overseas markets through its global operations.

Beyond gaming, NetEase operates NetEase Cloud Music, an online music streaming and social platform, and Youdao, which provides educational technology, learning tools, and related content and services.

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.