Schwab Charles Investment Management Inc. bought a new position in shares of NetEase Inc (NASDAQ:NTES) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,602 shares of the technology company’s stock, valued at approximately $4,644,000.
A number of other institutional investors and hedge funds also recently modified their holdings of NTES. PNC Financial Services Group Inc. grew its position in shares of NetEase by 22.4% in the second quarter. PNC Financial Services Group Inc. now owns 536 shares of the technology company’s stock valued at $161,000 after purchasing an additional 98 shares during the last quarter. Mariner Wealth Advisors LLC acquired a new stake in shares of NetEase in the second quarter valued at approximately $203,000. Yorktown Management & Research Co Inc purchased a new position in shares of NetEase during the second quarter valued at approximately $210,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of NetEase during the second quarter valued at approximately $218,000. Finally, ETF Managers Group LLC purchased a new position in shares of NetEase during the second quarter valued at approximately $219,000. Institutional investors own 48.90% of the company’s stock.
Several brokerages recently issued reports on NTES. Vetr downgraded shares of NetEase from a “buy” rating to a “hold” rating and set a $323.68 price objective on the stock. in a research note on Monday, November 20th. Nomura raised shares of NetEase from a “neutral” rating to a “buy” rating and upped their price objective for the company from $297.00 to $428.00 in a research note on Friday, November 17th. Deutsche Bank set a $380.00 price target on shares of NetEase and gave the stock a “buy” rating in a research note on Tuesday, January 2nd. Barclays set a $315.00 price target on shares of NetEase and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. Finally, Zacks Investment Research downgraded shares of NetEase from a “hold” rating to a “sell” rating in a research note on Wednesday, November 22nd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. NetEase presently has an average rating of “Hold” and an average target price of $348.07.
NetEase (NASDAQ:NTES) last released its quarterly earnings results on Wednesday, November 15th. The technology company reported $2.86 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.66 by $0.20. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.84 billion. NetEase had a net margin of 25.34% and a return on equity of 31.84%. analysts forecast that NetEase Inc will post 12.55 earnings per share for the current year.
NetEase announced that its board has authorized a share buyback plan on Wednesday, November 15th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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NetEase, Inc (NetEase) is a technology company. The Company operates an interactive online community in China and is a provider of Chinese language content and services through its online games, Internet media, e-mail, e-commerce and other businesses. The Company operates through three segments: Online Game Services; Advertising Services, and E-mail, E-commerce and Others.
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