Pzena Investment Management LLC Sells 27,321 Shares of Baidu, Inc. $BIDU

Pzena Investment Management LLC cut its holdings in Baidu, Inc. (NASDAQ:BIDU) by 32.6% in the 4th quarter, Holdings Channel reports. The institutional investor owned 56,507 shares of the information services provider’s stock after selling 27,321 shares during the period. Pzena Investment Management LLC’s holdings in Baidu were worth $7,383,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Schroder Investment Management Group bought a new position in Baidu in the 3rd quarter valued at $165,334,000. RPD Fund Management LLC boosted its holdings in Baidu by 161.6% in the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock valued at $107,959,000 after purchasing an additional 777,570 shares during the period. Contrarius Group Holdings Ltd boosted its holdings in Baidu by 500.3% in the 3rd quarter. Contrarius Group Holdings Ltd now owns 891,749 shares of the information services provider’s stock valued at $117,506,000 after purchasing an additional 743,205 shares during the period. Bank of America Corp DE boosted its holdings in Baidu by 106.7% in the 3rd quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock valued at $148,804,000 after purchasing an additional 582,832 shares during the period. Finally, Steadfast Capital Management LP bought a new position in Baidu in the 3rd quarter valued at $59,966,000.

Baidu Price Performance

BIDU stock opened at $127.79 on Friday. The firm’s 50-day moving average price is $123.40 and its two-hundred day moving average price is $129.29. Baidu, Inc. has a 12-month low of $81.17 and a 12-month high of $165.30. The stock has a market capitalization of $43.48 billion, a price-to-earnings ratio of -1,064.83, a PEG ratio of 2.21 and a beta of 0.53. The company has a current ratio of 1.85, a quick ratio of 1.76 and a debt-to-equity ratio of 0.22.

Analysts Set New Price Targets

Several research analysts have commented on BIDU shares. Barclays cut their price target on shares of Baidu from $147.00 to $128.00 and set an “equal weight” rating for the company in a report on Thursday, March 5th. China Renaissance raised shares of Baidu from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $134.00 to $180.00 in a report on Tuesday, February 3rd. Wall Street Zen downgraded shares of Baidu from a “hold” rating to a “sell” rating in a report on Sunday, May 17th. Benchmark reaffirmed a “buy” rating and set a $215.00 price objective on shares of Baidu in a report on Tuesday. Finally, UBS Group reaffirmed a “buy” rating on shares of Baidu in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $162.58.

About Baidu

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.