Bank Pictet & Cie Asia Ltd. Buys New Position in NetEase, Inc. (NTES)
Bank Pictet & Cie Asia Ltd. bought a new stake in shares of NetEase, Inc. (NASDAQ:NTES) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,660 shares of the technology company’s stock, valued at approximately $702,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NTES. Quantbot Technologies LP purchased a new stake in NetEase in the third quarter worth about $2,585,000. Cambridge Investment Research Advisors Inc. boosted its stake in NetEase by 238.7% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 5,579 shares of the technology company’s stock valued at $1,472,000 after buying an additional 3,932 shares during the last quarter. Bank Hapoalim BM bought a new position in NetEase during the third quarter valued at approximately $264,000. Comgest Global Investors S.A.S. lifted its stake in shares of NetEase by 2.6% in the 3rd quarter. Comgest Global Investors S.A.S. now owns 2,265,783 shares of the technology company’s stock valued at $597,737,000 after purchasing an additional 58,279 shares during the last quarter. Finally, Worth Venture Partners LLC lifted its stake in shares of NetEase by 262.8% in the 3rd quarter. Worth Venture Partners LLC now owns 2,830 shares of the technology company’s stock valued at $746,000 after purchasing an additional 2,050 shares during the last quarter. Institutional investors own 50.30% of the company’s stock.
Shares of NetEase, Inc. (NASDAQ NTES) traded up $42.56 during trading on Friday, hitting $368.80. The stock had a trading volume of 4,449,818 shares, compared to its average volume of 1,259,768. NetEase, Inc. has a fifty-two week low of $211.11 and a fifty-two week high of $337.55. The firm has a market cap of $48,630.00, a PE ratio of 20.14, a P/E/G ratio of 1.28 and a beta of 0.93.
NetEase declared that its board has approved a share repurchase program on Wednesday, November 15th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a dividend, which will be paid on Friday, December 8th. Investors of record on Friday, December 1st will be issued a $0.717 dividend. The ex-dividend date is Thursday, November 30th. NetEase’s dividend payout ratio is presently 24.75%.
Several equities research analysts have recently issued reports on NTES shares. Vetr lowered NetEase from a “strong-buy” rating to a “buy” rating and set a $327.04 price objective for the company. in a research note on Monday, September 18th. BidaskClub upgraded NetEase from a “hold” rating to a “buy” rating in a report on Thursday, August 10th. Deutsche Bank AG reiterated a “buy” rating and issued a $343.00 price target (up from $300.00) on shares of NetEase in a report on Tuesday, July 25th. ValuEngine upgraded NetEase from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Finally, Citigroup Inc. restated a “buy” rating and set a $351.00 price objective on shares of NetEase in a report on Thursday. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $317.48.
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NetEase Company Profile
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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