NetEase (NASDAQ:NTES) Shares Gap Up – Here’s What Happened

by · The Markets Daily

NetEase, Inc. (NASDAQ:NTES – Get Free Report)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $130.82, but opened at $135.93. NetEase shares last traded at $134.5730, with a volume of 177,010 shares traded.

Analyst Ratings Changes

A number of research firms have issued reports on NTES. Benchmark reaffirmed a “buy” rating on shares of NetEase in a research note on Friday, May 22nd. Zacks Research upgraded NetEase from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 8th. The Goldman Sachs Group set a $169.00 price target on shares of NetEase in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NetEase in a research note on Thursday, June 18th. Finally, Wall Street Zen lowered shares of NetEase from a “buy” rating to a “hold” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, NetEase presently has a consensus rating of “Moderate Buy” and an average target price of $158.38.

Read Our Latest Research Report on NetEase

NetEase Stock Performance

The company has a market cap of $85.36 billion, a PE ratio of 17.73, a price-to-earnings-growth ratio of 1.70 and a beta of 0.72. The company has a fifty day moving average of $120.61 and a two-hundred day moving average of $122.70.

NetEase Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were paid a $0.72 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $2.88 annualized dividend and a dividend yield of 2.2%. NetEase’s dividend payout ratio is currently 38.11%.

Insider Activity at NetEase

In related news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of NetEase stock in a transaction dated 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 of the company’s stock, valued at approximately $1,568,210.90. The trade was a 45.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 54.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NTES. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of NetEase by 68,860.6% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,551,117 shares of the technology company’s stock worth $1,299,684,000 after buying an additional 8,538,717 shares during the period. Renaissance Technologies LLC grew its position in NetEase by 25.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,363,188 shares of the technology company’s stock valued at $152,595,000 after acquiring an additional 274,500 shares during the last quarter. Bank of America Corp DE grew its position in NetEase by 111.4% in the 1st quarter. Bank of America Corp DE now owns 1,325,317 shares of the technology company’s stock valued at $148,356,000 after acquiring an additional 698,318 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in NetEase by 16.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,079,110 shares of the technology company’s stock worth $120,697,000 after purchasing an additional 155,784 shares during the period. Finally, Man Group plc increased its stake in NetEase by 7.3% in the third quarter. Man Group plc now owns 1,055,122 shares of the technology company’s stock worth $160,368,000 after purchasing an additional 71,966 shares during the period. Hedge funds and other institutional investors own 11.07% of the company’s stock.

About NetEase

(Get Free Report)

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.

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