NetEase, Inc. $NTES Stake Decreased by State Street Corp

Key Points

• State Street reduced its NetEase stake by 66.7% in the second quarter, selling 23,241 shares and retaining 11,626 shares valued at approximately $1.49 million. Hedge funds and institutional investors collectively own 11.07% of NetEase.
• NetEase shares opened at $115.41, down 1.8%, with a 12-month trading range of $106.06 to $156.44. Analysts maintain a “Moderate Buy” consensus and an average price target of $163.00.
• NetEase cut its quarterly dividend to $0.48 per share from $0.72, resulting in an annualized dividend of $1.92 and a 1.7% yield. Company insiders also reported share sales, including a 10,000-share sale by the general counsel.

State Street Corp reduced its stake in shares of NetEase, Inc. (NASDAQ:NTES - Free Report) by 66.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 11,626 shares of the technology company's stock after selling 23,241 shares during the period. State Street Corp's holdings in NetEase were worth $1,490,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in NetEase in the 1st quarter worth approximately $25,000. Harbour Investments Inc. raised its position in NetEase by 7,480.0% in the 4th quarter. Harbour Investments Inc. now owns 379 shares of the technology company's stock worth $52,000 after purchasing an additional 374 shares during the period. MidFirst Bank purchased a new position in NetEase in the 4th quarter worth $57,000. Allworth Financial LP lifted its stake in NetEase by 210.2% in the second quarter. Allworth Financial LP now owns 667 shares of the technology company's stock worth $85,000 after purchasing an additional 452 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in NetEase by 16.0% during the first quarter. EverSource Wealth Advisors LLC now owns 777 shares of the technology company's stock valued at $87,000 after buying an additional 107 shares during the period. 11.07% of the stock is currently owned by hedge funds and other institutional investors.

NetEase Trading Down 1.8%

Shares of NASDAQ NTES opened at $115.41 on Friday. NetEase, Inc. has a 12 month low of $106.06 and a 12 month high of $156.44. The firm has a market capitalization of $73.89 billion, a PE ratio of 15.90, a price-to-earnings-growth ratio of 1.34 and a beta of 0.72. The firm has a fifty day simple moving average of $123.19 and a two-hundred day simple moving average of $120.53.

NetEase Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Thursday, September 3rd were given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.7%. 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 payout ratio is presently 26.31%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on NTES. Wall Street Zen downgraded NetEase from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Sanford C. Bernstein restated an "outperform" rating and set a $160.00 price target on shares of NetEase in a research report on Friday, August 21st. Nomura boosted their price objective on NetEase from $155.00 to $157.00 and gave the company a "buy" rating in a research report on Tuesday, August 25th. The Goldman Sachs Group set a $169.00 price objective on NetEase in a research note on Wednesday, July 1st. Finally, BNP Paribas Exane started coverage on shares of NetEase in a report on Tuesday. They issued an "outperform" rating and a $180.00 target price on the stock. Seven analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $163.00.

Insider Activity at NetEase

In other NetEase news, General Counsel William Jr sold 10,000 shares of the company's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $128.30, for a total transaction of $1,283,000.00. Following the transaction, the general counsel owned 12,223 shares in the company, valued at approximately $1,568,210.90. This represents a 45.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Aileen Mo sold 716 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was 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. Insiders own 54.70% of the company's stock.

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.

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