Cornerstone Capital Management Holdings LLC. cut its position in NetEase, Inc. (NASDAQ:NTES) by 10.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,878,775 shares of the company’s stock after selling 1,040,375 shares during the period. NetEase makes up approximately 15.9% of Cornerstone Capital Management Holdings LLC.’s investment portfolio, making the stock its largest position. Cornerstone Capital Management Holdings LLC.’s holdings in NetEase were worth $2,137,831,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of the company. Maple Brown Abbott Ltd raised its stake in NetEase by 9.2% in the second quarter. Maple Brown Abbott Ltd now owns 149,716 shares of the company’s stock valued at $28,928,000 after buying an additional 12,670 shares in the last quarter. Neuberger Berman Group LLC raised its stake in NetEase by 52.6% in the second quarter. Neuberger Berman Group LLC now owns 427,312 shares of the company’s stock worth $82,565,000 after buying an additional 147,228 shares in the last quarter. Granite Point Capital Management L.P. purchased a new stake in NetEase during the second quarter worth about $1,454,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in NetEase by 50.5% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 184,958 shares of the company’s stock worth $35,738,000 after buying an additional 62,070 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in NetEase by 24.1% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 66,630 shares of the company’s stock worth $12,874,000 after buying an additional 12,920 shares in the last quarter. 56.72% of the stock is owned by institutional investors.
Shares of NetEase, Inc. (NASDAQ:NTES) opened at 257.42 on Monday. NetEase, Inc. has a 12-month low of $130.82 and a 12-month high of $272.58. The company’s 50 day moving average is $241.71 and its 200 day moving average is $233.22. The company has a market capitalization of $33.75 billion, a P/E ratio of 23.18 and a beta of 0.70.
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NTES has been the topic of a number of recent analyst reports. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $305.00 price target on shares of NetEase in a report on Wednesday, January 18th. Brean Capital boosted their price target on shares of NetEase from $235.00 to $310.00 and gave the company a “buy” rating in a report on Thursday, November 10th. Standpoint Research upgraded shares of NetEase from a “hold” rating to a “buy” rating and set a $295.00 price target on the stock in a report on Monday, January 9th. Jefferies Group LLC upgraded shares of NetEase from a “hold” rating to a “buy” rating and set a $261.00 price target on the stock in a report on Monday, November 28th. They noted that the move was a valuation call. Finally, Zacks Investment Research lowered shares of NetEase from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 15th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $256.75.
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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