Arrowstreet Capital Limited Partnership Trims Holdings in NetEase, Inc. $NTES

Arrowstreet Capital Limited Partnership decreased its position in NetEase, Inc. (NASDAQ:NTES) by 50.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 606,559 shares of the technology company’s stock after selling 611,697 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in NetEase were worth $67,898,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its stake in shares of NetEase by 1.1% during the fourth quarter. Brighton Jones LLC now owns 10,297 shares of the technology company’s stock worth $919,000 after purchasing an additional 117 shares in the last quarter. Strs Ohio purchased a new stake in NetEase during the first quarter worth approximately $63,000. EverSource Wealth Advisors LLC boosted its holdings in NetEase by 106.9% in the second quarter. EverSource Wealth Advisors LLC now owns 542 shares of the technology company’s stock valued at $73,000 after purchasing an additional 280 shares in the last quarter. First Trust Advisors LP boosted its holdings in NetEase by 287.4% in the second quarter. First Trust Advisors LP now owns 91,571 shares of the technology company’s stock valued at $12,324,000 after purchasing an additional 67,934 shares in the last quarter. Finally, Walleye Capital LLC increased its stake in NetEase by 670.9% in the second quarter. Walleye Capital LLC now owns 5,265 shares of the technology company’s stock valued at $709,000 after purchasing an additional 4,582 shares during the last quarter. Institutional investors and hedge funds own 11.07% of the company’s stock.

NetEase Price Performance

NASDAQ:NTES opened at $119.55 on Monday. NetEase, Inc. has a 52-week low of $106.06 and a 52-week high of $159.55. The stock has a fifty day simple moving average of $123.97 and a 200-day simple moving average of $121.73. The company has a market capitalization of $76.54 billion, a PE ratio of 15.88, a price-to-earnings-growth ratio of 1.55 and a beta of 0.72.

NetEase Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Friday, June 5th were issued a dividend of $0.72 per share. The ex-dividend date was Friday, June 5th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 2.4%. NetEase’s payout ratio is 38.11%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating on shares of NetEase in a research report on Friday, May 22nd. Zacks Research raised shares of 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 objective on shares of NetEase in a research note on Wednesday, July 1st. Morgan Stanley reaffirmed an “overweight” rating and set a $158.00 price objective on shares of NetEase in a report on Tuesday, May 26th. Finally, Weiss Ratings upgraded NetEase from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $158.38.

Insider Activity at NetEase

In other NetEase news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of NetEase stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $128.30, for a total value of $1,283,000.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 54.70% of the stock is currently owned by company insiders.

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.