NetEase, Inc. (NASDAQ:NTES) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “NetEase, Inc. is an Internet technology company engaged in the development of applications, services and other technologies for the Internet in China. It provides online gaming services that include in-house developed massively multi-player online role-playing games and licensed titles. NetEase also provides online advertising, community services, entertainment content, free e-mail services and micro-blogging services. The Company also offers wireless value-added services such as news and information content, matchmaking services, music and photos from the web that are sent over SMS, MMS, WAP, IVR and Color Ring-back Tone technologies. NetEase, Inc., formerly known as NetEase.com, Inc., is based in Beijing, the People’s Republic of China. “
Other research analysts also recently issued research reports about the company. Instinet restated a “buy” rating and set a $307.00 price target on shares of NetEase in a report on Tuesday, May 9th. Jefferies Group LLC restated a “buy” rating and set a $300.00 price target on shares of NetEase in a report on Wednesday, April 26th. Benchmark Co. began coverage on NetEase in a report on Tuesday, April 18th. They set a “buy” rating and a $325.00 price target on the stock. Vetr cut NetEase from a “strong-buy” rating to a “buy” rating and set a $318.49 price objective on the stock. in a research report on Monday, May 22nd. Finally, BidaskClub cut NetEase from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 16th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $301.90.
Shares of NetEase (NASDAQ NTES) opened at 273.60 on Wednesday. NetEase has a 12 month low of $204.20 and a 12 month high of $337.55.
Several hedge funds have recently modified their holdings of the company. Assetmark Inc. boosted its stake in shares of NetEase by 51.0% in the first quarter. Assetmark Inc. now owns 367 shares of the technology company’s stock worth $104,000 after buying an additional 124 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of NetEase by 21.4% in the second quarter. IFP Advisors Inc now owns 391 shares of the technology company’s stock worth $118,000 after buying an additional 69 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake 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 worth $161,000 after buying an additional 98 shares in the last quarter. Mariner Wealth Advisors LLC bought a new stake in shares of NetEase during the second quarter worth approximately $203,000. Finally, Huntington National Bank boosted its stake in shares of NetEase by 84.7% in the second quarter. Huntington National Bank now owns 700 shares of the technology company’s stock worth $210,000 after buying an additional 321 shares in the last quarter. 55.88% of the stock is currently owned by hedge funds and other institutional investors.
NetEase Company Profile
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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