Zacks Investment Research upgraded shares of NetEase, Inc. (NASDAQ:NTES) from a hold rating to a strong-buy rating in a research note published on Wednesday. The firm currently has $346.00 target price on the technology company’s stock.

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. “

Several other research firms have also recently weighed in on NTES. BidaskClub upgraded shares of NetEase from a buy rating to a strong-buy rating in a research note on Friday, June 9th. Standpoint Research cut shares of NetEase from a buy rating to a reduce rating and increased their target price for the company from $345.00 to $360.00 in a research note on Wednesday, June 7th. Jefferies Group LLC reiterated a buy rating and issued a $330.00 target price on shares of NetEase in a research note on Friday, June 16th. Vetr upgraded shares of NetEase from a buy rating to a strong-buy rating and set a $334.49 target price for the company in a research note on Tuesday, March 14th. Finally, Instinet cut shares of NetEase from a buy rating to a neutral rating and reduced their target price for the company from $307.00 to $297.00 in a research note on Thursday, May 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $295.52.

Shares of NetEase (NASDAQ NTES) opened at 301.99 on Wednesday. NetEase has a 52 week low of $193.27 and a 52 week high of $337.55.

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Several hedge funds have recently modified their holdings of NTES. BlackRock Inc. raised its stake in shares of NetEase by 1,571.4% in the first quarter. BlackRock Inc. now owns 5,039,176 shares of the technology company’s stock worth $1,431,127,000 after buying an additional 4,737,686 shares in the last quarter. FMR LLC raised its stake in shares of NetEase by 165.4% in the first quarter. FMR LLC now owns 1,328,919 shares of the technology company’s stock worth $377,413,000 after buying an additional 828,139 shares in the last quarter. Credit Agricole S A raised its stake in shares of NetEase by 19.2% in the first quarter. Credit Agricole S A now owns 4,395,661 shares of the technology company’s stock worth $1,248,368,000 after buying an additional 709,148 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of NetEase by 142.3% in the second quarter. Fisher Asset Management LLC now owns 839,739 shares of the technology company’s stock worth $252,451,000 after buying an additional 493,209 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of NetEase by 12.7% in the first quarter. Renaissance Technologies LLC now owns 2,269,700 shares of the technology company’s stock worth $644,595,000 after buying an additional 255,800 shares in the last quarter. 54.83% of the stock is owned by institutional investors and hedge funds.

About NetEase

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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