Assenagon Asset Management S.A. Lowers Stock Position in NetEase, Inc. (NASDAQ:NTES)

Assenagon Asset Management S.A. cut its stake in shares of NetEase, Inc. (NASDAQ:NTES - Free Report) by 84.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 119,920 shares of the technology company's stock after selling 652,322 shares during the quarter. Assenagon Asset Management S.A.'s holdings in NetEase were worth $11,214,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mather Group LLC. grew its position in shares of NetEase by 1,415.0% during the 2nd quarter. Mather Group LLC. now owns 303 shares of the technology company's stock worth $31,000 after buying an additional 283 shares in the last quarter. SYSTM Wealth Solutions LLC increased its position in NetEase by 55.5% during 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 bought a new position in shares of NetEase during the second quarter valued at approximately $35,000. ORG Partners LLC purchased a new position in NetEase during the first quarter valued at approximately $50,000. Finally, Allspring Global Investments Holdings LLC bought a new position in NetEase in the third quarter worth approximately $76,000. Institutional investors own 11.07% of the company's stock.

NetEase Price Performance

NASDAQ:NTES traded up $1.34 during trading hours on Monday, hitting $81.08. 1,130,568 shares of the company were exchanged, compared to its average volume of 1,752,342. NetEase, Inc. has a 52-week low of $75.85 and a 52-week high of $118.89. The stock has a market capitalization of $52.07 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.76 and a beta of 0.55. The company's 50 day moving average price is $84.51 and its 200-day moving average price is $90.36.

NetEase (NASDAQ:NTES - Get Free Report) last announced its quarterly earnings data on Thursday, August 22nd. The technology company reported $12.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $10.43. The firm had revenue of $25.49 billion for the quarter, compared to analyst estimates of $26.01 billion. NetEase had a net margin of 26.98% and a return on equity of 22.30%. The business's quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.75 earnings per share. On average, equities analysts predict that NetEase, Inc. will post 6.05 earnings per share for the current year.

NetEase Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.435 dividend. This represents a $1.74 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend was Friday, September 6th. NetEase's dividend payout ratio is presently 28.22%.

Analysts Set New Price Targets

Several brokerages have issued reports on NTES. StockNews.com cut NetEase from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 20th. Bank of America lowered their price target on shares of NetEase from $142.00 to $120.00 and set a "buy" rating on the stock in a report on Friday, August 23rd. Jefferies Financial Group reduced their price objective on shares of NetEase from $126.00 to $103.00 and set a "buy" rating for the company in a research note on Thursday, August 22nd. Barclays lowered their target price on shares of NetEase from $104.00 to $82.00 and set an "equal weight" rating for the company in a research note on Monday, August 26th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $100.00 price target on shares of NetEase in a research report on Friday, July 5th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $112.67.

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.