Point72 Hong Kong Ltd Sells 1,192,045 Shares of NetEase, Inc. (NASDAQ:NTES)

Point72 Hong Kong Ltd lowered its position in shares of NetEase, Inc. (NASDAQ:NTES) by 98.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 21,278 shares of the technology company’s stock after selling 1,192,045 shares during the quarter. Point72 Hong Kong Ltd’s holdings in NetEase were worth $1,990,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Erste Asset Management GmbH bought a new stake in NetEase in the 3rd quarter worth about $2,340,000. Hhlr Advisors LTD. boosted its holdings in shares of NetEase by 86.8% during the 3rd quarter. Hhlr Advisors LTD. now owns 2,588,943 shares of the technology company’s stock valued at $242,092,000 after acquiring an additional 1,203,129 shares during the last quarter. Flow Traders U.S. LLC bought a new stake in shares of NetEase in the third quarter worth approximately $751,000. Financial Counselors Inc. raised its holdings in shares of NetEase by 8.0% during the third quarter. Financial Counselors Inc. now owns 3,404 shares of the technology company’s stock valued at $318,000 after purchasing an additional 252 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in NetEase by 13,747.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,258,442 shares of the technology company’s stock valued at $585,227,000 after purchasing an additional 6,213,248 shares during the period. 11.07% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Citigroup lifted their target price on shares of NetEase from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Barclays cut their price objective on NetEase from $104.00 to $82.00 and set an “equal weight” rating for the company in a report on Monday, August 26th. Benchmark lowered their target price on NetEase from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Friday, November 15th. StockNews.com raised NetEase from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Jefferies Financial Group reduced their price target on shares of NetEase from $126.00 to $103.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, NetEase currently has an average rating of “Moderate Buy” and an average target price of $107.29.

NetEase Stock Up 1.1 %

NASDAQ NTES opened at $87.48 on Monday. NetEase, Inc. has a 52 week low of $75.85 and a 52 week high of $114.50. The company has a market capitalization of $56.18 billion, a P/E ratio of 14.78, a price-to-earnings-growth ratio of 3.23 and a beta of 0.57. The stock’s 50-day moving average price is $85.61 and its 200-day moving average price is $88.08.

NetEase Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.435 per share. This represents a $1.74 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Friday, November 29th. NetEase’s payout ratio is 29.22%.

NetEase Company Profile

NetEase, Inc engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally . The company operates through Games and Related Value-Added Services, Youdao, Cloud Music, and Innovative Businesses and Others segments.