Citigroup Inc. Reaffirms Buy Rating for NetEase, Inc. (NTES)
NetEase, Inc. (NASDAQ:NTES)‘s stock had its “buy” rating restated by investment analysts at Citigroup Inc. in a research note issued to investors on Thursday. They currently have a $351.00 price target on the technology company’s stock. Citigroup Inc.’s price objective points to a potential upside of 16.04% from the company’s current price.
NTES has been the topic of a number of other reports. Zacks Investment Research lowered shares of NetEase from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Deutsche Bank AG set a $325.00 price objective on shares of NetEase and gave the company a “buy” rating in a report on Friday, October 6th. Barclays PLC initiated coverage on shares of NetEase in a report on Wednesday, October 4th. They issued an “equal weight” rating and a $260.00 price objective on the stock. UBS AG lowered shares of NetEase from a “buy” rating to a “neutral” rating in a report on Monday, October 30th. Finally, ValuEngine upgraded shares of NetEase from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. NetEase presently has a consensus rating of “Hold” and a consensus price target of $307.26.
NetEase (NASDAQ:NTES) traded up $3.91 during trading on Thursday, reaching $302.47. 1,539,000 shares of the company’s stock were exchanged, compared to its average volume of 1,248,903. NetEase has a 12 month low of $211.11 and a 12 month high of $337.55. The firm has a market cap of $39,960.00, a price-to-earnings ratio of 19.55, a PEG ratio of 1.26 and a beta of 0.93.
NetEase announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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Large investors have recently modified their holdings of the company. IFP Advisors Inc boosted its holdings in shares of NetEase by 21.4% in the second quarter. IFP Advisors Inc now owns 391 shares of the technology company’s stock valued at $118,000 after acquiring an additional 69 shares in the last quarter. Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of NetEase by 117.6% in the third quarter. Ladenburg Thalmann Financial Services Inc. now owns 494 shares of the technology company’s stock valued at $131,000 after acquiring an additional 267 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings 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 acquiring an additional 98 shares in the last quarter. Mariner Wealth Advisors LLC purchased a new stake in shares of NetEase in the second quarter valued at about $203,000. Finally, Huntington National Bank boosted its holdings in shares of NetEase by 84.7% in the second quarter. Huntington National Bank now owns 700 shares of the technology company’s stock valued at $210,000 after acquiring an additional 321 shares in the last quarter. 50.30% of the stock is currently owned by institutional investors and hedge funds.
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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