Bank of America Forecasts Strong Price Appreciation for NetEase (NASDAQ:NTES) Stock

NetEase (NASDAQ:NTES - Get Free Report) had its price target upped by research analysts at Bank of America from $120.00 to $122.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Bank of America's target price indicates a potential upside of 22.85% from the stock's current price.

A number of other research firms also recently weighed in on NTES. Benchmark dropped their price target on shares of NetEase from $120.00 to $105.00 and set a "buy" rating on the stock in a research note on Friday, November 15th. Morgan Stanley raised NetEase from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $90.00 to $108.00 in a research note on Wednesday, January 8th. Citigroup lifted their price target on NetEase from $108.00 to $115.00 and gave the company a "buy" rating in a report on Friday, November 15th. Finally, StockNews.com lowered shares of NetEase from a "strong-buy" rating to a "buy" rating in a research report on Friday, December 6th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, NetEase currently has a consensus rating of "Moderate Buy" and a consensus price target of $108.71.

NetEase Price Performance

NetEase stock traded down $4.61 during mid-day trading on Wednesday, hitting $99.31. The company's stock had a trading volume of 2,095,684 shares, compared to its average volume of 1,595,638. NetEase has a 52-week low of $75.85 and a 52-week high of $114.50. The firm's 50 day moving average is $89.60 and its 200 day moving average is $87.84. The company has a market cap of $63.77 billion, a PE ratio of 16.78, a price-to-earnings-growth ratio of 3.08 and a beta of 0.57.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NTES. SYSTM Wealth Solutions LLC grew its stake in shares of NetEase by 55.5% in the 2nd quarter. SYSTM Wealth Solutions LLC now owns 328 shares of the technology company's stock valued at $31,000 after purchasing an additional 117 shares during the period. Ariadne Wealth Management LP acquired a new stake in NetEase in the 2nd quarter valued at $35,000. Brooklyn Investment Group bought a new stake in NetEase in the fourth quarter valued at $34,000. UMB Bank n.a. raised its stake in NetEase by 33.3% during the fourth quarter. UMB Bank n.a. now owns 444 shares of the technology company's stock worth $40,000 after acquiring an additional 111 shares in the last quarter. Finally, Highline Wealth Partners LLC bought a new position in shares of NetEase during the third quarter valued at $45,000. Institutional investors and hedge funds own 11.07% of the company's stock.

About NetEase

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.