Perseverance Asset Management International Acquires 60,000 Shares of NetEase, Inc. $NTES

Key Points

• Perseverance Asset Management International increased its NetEase stake by 54.5% in Q1, buying 60,000 more shares and bringing its total holdings to 170,000 shares worth about $19.0 million.
• Other institutional investors also added to or initiated positions in NetEase, while hedge funds and other institutions now own about 11.07% of the company.
• Analyst sentiment remains generally positive: NetEase has a Moderate Buy rating consensus with an average price target of $158.38, though one firm recently downgraded the stock to Hold.

Perseverance Asset Management International boosted its holdings in shares of NetEase, Inc. (NASDAQ:NTES - Free Report) by 54.5% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 170,000 shares of the technology company's stock after acquiring an additional 60,000 shares during the quarter. NetEase accounts for 2.1% of Perseverance Asset Management International's portfolio, making the stock its 11th biggest holding. Perseverance Asset Management International's holdings in NetEase were worth $19,030,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. V Square Quantitative Management LLC purchased a new stake in NetEase in the first quarter worth $25,000. Atlas Capital Advisors Inc. bought a new stake in shares of NetEase during the fourth quarter worth $47,000. Smartleaf Asset Management LLC boosted its stake in shares of NetEase by 3,381.8% during the second quarter. Smartleaf Asset Management LLC now owns 383 shares of the technology company's stock valued at $51,000 after purchasing an additional 372 shares during the period. Harbour Investments Inc. boosted its stake in shares of NetEase by 7,480.0% during the fourth quarter. Harbour Investments Inc. now owns 379 shares of the technology company's stock valued at $52,000 after purchasing an additional 374 shares during the period. Finally, MidFirst Bank bought a new position in shares of NetEase in the fourth quarter worth about $57,000. Hedge funds and other institutional investors own 11.07% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on NTES. Weiss Ratings raised shares of NetEase from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday. Wall Street Zen cut shares of NetEase from a "buy" rating to a "hold" rating in a research report on Monday, July 6th. Morgan Stanley reaffirmed an "overweight" rating and set a $158.00 price target on shares of NetEase in a research note on Tuesday, May 26th. The Goldman Sachs Group set a $169.00 price objective on NetEase in a research note on Wednesday, July 1st. Finally, Benchmark restated a "buy" rating on shares of NetEase in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $158.38.

Insider Transactions at NetEase

In related news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of the business's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $128.30, for a total transaction of $1,283,000.00. Following the completion of the transaction, the general counsel directly owned 12,223 shares in the company, valued at $1,568,210.90. The trade was a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 54.70% of the stock is owned by corporate insiders.

NetEase Trading Down 0.8%

NTES opened at $120.18 on Friday. NetEase, Inc. has a 12-month low of $106.06 and a 12-month high of $159.55. The firm has a market capitalization of $76.73 billion, a PE ratio of 15.96, a P/E/G ratio of 1.57 and a beta of 0.72. The firm has a 50 day moving average of $123.84 and a two-hundred day moving average of $121.91.

NetEase Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Friday, June 5th were issued a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, June 5th. NetEase's dividend payout ratio (DPR) is 38.11%.

NetEase Company Profile

NetEase, Inc NASDAQ: NTES is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company's founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company's primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.

Want to see what other hedge funds are holding NTES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetEase, Inc. (NASDAQ:NTES - Free Report).

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.