Wall Street Zen Downgrades NetEase (NASDAQ:NTES) to Hold

NetEase (NASDAQ:NTES) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

A number of other equities analysts also recently commented on the stock. Benchmark reissued a “buy” rating on shares of NetEase in a research note on Friday, May 22nd. Morgan Stanley reiterated an “overweight” rating and issued a $158.00 price target on shares of NetEase in a report on Tuesday, May 26th. Finally, Zacks Research raised NetEase from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.38.

NetEase Stock Performance

NASDAQ NTES opened at $121.33 on Friday. The firm’s 50 day moving average price is $118.04 and its 200-day moving average price is $123.94. NetEase has a 52-week low of $106.06 and a 52-week high of $159.55. The company has a market cap of $77.46 billion, a PE ratio of 16.11, a P/E/G ratio of 1.57 and a beta of 0.72.

Hedge Funds Weigh In On NetEase

Several institutional investors and hedge funds have recently bought and sold shares of the company. Main Street Research LLC boosted its position in shares of NetEase by 2.1% in the 3rd quarter. Main Street Research LLC now owns 4,085 shares of the technology company’s stock worth $621,000 after purchasing an additional 85 shares in the last quarter. Allworth Financial LP increased its position in NetEase by 15.2% during the 3rd quarter. Allworth Financial LP now owns 718 shares of the technology company’s stock valued at $109,000 after buying an additional 95 shares in the last quarter. Arkadios Wealth Advisors raised its stake in NetEase by 5.9% in the fourth quarter. Arkadios Wealth Advisors now owns 1,859 shares of the technology company’s stock valued at $256,000 after buying an additional 103 shares during the last quarter. Spire Wealth Management raised its stake in NetEase by 31.3% in the fourth quarter. Spire Wealth Management now owns 436 shares of the technology company’s stock valued at $60,000 after buying an additional 104 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its holdings in NetEase by 2.2% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 4,961 shares of the technology company’s stock worth $683,000 after acquiring an additional 106 shares in the last quarter. 11.07% of the stock is owned by hedge funds and other institutional investors.

About NetEase

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.