Citigroup Issues Positive Forecast for NetEase (NASDAQ:NTES) Stock Price

NetEase (NASDAQ:NTES) had its price target increased by investment analysts at Citigroup from $108.00 to $115.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price objective indicates a potential upside of 35.31% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Barclays reduced their price target on NetEase from $104.00 to $82.00 and set an “equal weight” rating on the stock in a report on Monday, August 26th. Bank of America decreased their target price on NetEase from $142.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Benchmark decreased their price objective on shares of NetEase from $120.00 to $105.00 and set a “buy” rating for the company in a report on Friday. StockNews.com downgraded shares of NetEase from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 20th. Finally, Jefferies Financial Group lowered their price target on NetEase from $126.00 to $103.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, NetEase currently has an average rating of “Moderate Buy” and a consensus price target of $107.29.

NetEase Stock Up 0.9 %

NTES traded up $0.77 during trading on Friday, reaching $84.99. The company had a trading volume of 1,120,679 shares, compared to its average volume of 1,743,724. NetEase has a 52 week low of $75.85 and a 52 week high of $118.89. The stock has a market cap of $54.58 billion, a P/E ratio of 13.86, a PEG ratio of 1.69 and a beta of 0.57. The business has a 50 day simple moving average of $83.59 and a 200-day simple moving average of $89.09.

NetEase (NASDAQ:NTES) last released its quarterly earnings results on Thursday, August 22nd. The technology company reported $12.05 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $10.43. NetEase had a net margin of 26.98% and a return on equity of 22.30%. The firm had revenue of $25.49 billion during the quarter, compared to analysts’ expectations of $26.01 billion. During the same period in the previous year, the company earned $1.75 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities research analysts expect that NetEase will post 6.02 EPS for the current fiscal year.

Institutional Trading of NetEase

Several hedge funds and other institutional investors have recently bought and sold shares of NTES. Sequoia Financial Advisors LLC lifted its stake in shares of NetEase by 4.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,575 shares of the technology company’s stock worth $246,000 after purchasing an additional 107 shares during the last quarter. Guinness Atkinson Asset Management Inc boosted its holdings in shares of NetEase by 0.7% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 15,422 shares of the technology company’s stock valued at $1,474,000 after buying an additional 110 shares in the last quarter. SYSTM Wealth Solutions LLC grew its position 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 worth $31,000 after buying an additional 117 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of NetEase by 1.9% during the 2nd quarter. Fifth Third Bancorp now owns 7,658 shares of the technology company’s stock worth $732,000 after acquiring an additional 146 shares in the last quarter. Finally, Financial Advocates Investment Management lifted its position in NetEase by 5.4% during the third quarter. Financial Advocates Investment Management now owns 4,647 shares of the technology company’s stock valued at $435,000 after acquiring an additional 237 shares during the last quarter. Institutional investors own 11.07% of the company’s stock.

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.