NetEase (NASDAQ:NTES) Shares Gap Down to $89.47

NetEase, Inc. (NASDAQ:NTES)’s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $89.47, but opened at $87.04. NetEase shares last traded at $87.66, with a volume of 232,992 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have weighed in on NTES shares. Barclays started coverage on NetEase in a research note on Thursday, June 13th. They set an “equal weight” rating and a $104.00 target price on the stock. Benchmark raised their price objective on shares of NetEase from $144.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, May 24th. HSBC dropped their price target on shares of NetEase from $130.00 to $126.00 and set a “buy” rating on the stock in a research note on Wednesday, April 24th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $100.00 price objective on shares of NetEase in a research note on Friday, July 5th. Finally, StockNews.com downgraded shares of NetEase from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 20th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, NetEase currently has a consensus rating of “Moderate Buy” and a consensus price target of $123.86.

NetEase Price Performance

The firm has a market cap of $56.55 billion, a price-to-earnings ratio of 13.87, a P/E/G ratio of 1.81 and a beta of 0.53. The firm’s 50 day moving average price is $92.37 and its 200-day moving average price is $97.80.

NetEase (NASDAQ:NTES) last announced its quarterly earnings data on Thursday, May 23rd. The technology company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.68 by ($0.05). NetEase had a net margin of 28.75% and a return on equity of 24.19%. The company had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.61 billion. Analysts expect that NetEase, Inc. will post 6.7 EPS for the current year.

NetEase Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Thursday, June 6th were issued a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Thursday, June 6th. NetEase’s payout ratio is presently 30.54%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Nordea Investment Management AB raised its position in NetEase by 17.2% in the first quarter. Nordea Investment Management AB now owns 318,550 shares of the technology company’s stock worth $33,059,000 after purchasing an additional 46,635 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of NetEase by 12.4% in the 1st quarter. Canada Pension Plan Investment Board now owns 327,400 shares of the technology company’s stock worth $33,876,000 after buying an additional 36,000 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of NetEase by 804.5% during the 1st quarter. Lazard Asset Management LLC now owns 792,357 shares of the technology company’s stock worth $81,983,000 after buying an additional 704,753 shares during the period. Boston Partners acquired a new stake in NetEase in the 4th quarter valued at $964,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in NetEase by 6.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 278,802 shares of the technology company’s stock valued at $28,848,000 after acquiring an additional 16,607 shares during the period. 11.07% of the stock is currently owned by institutional investors and hedge funds.

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.