Newport Asia LLC reduced its position in shares of NetEase, Inc. (NASDAQ:NTES) by 4.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 194,500 shares of the technology company’s stock after selling 9,200 shares during the quarter. NetEase accounts for approximately 7.6% of Newport Asia LLC’s holdings, making the stock its 5th biggest position. Newport Asia LLC owned about 0.15% of NetEase worth $51,311,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the business. Westpac Banking Corp bought a new stake in shares of NetEase during the 3rd quarter valued at about $6,621,000. Baillie Gifford & Co. grew its stake in shares of NetEase by 86.7% during the 3rd quarter. Baillie Gifford & Co. now owns 6,174 shares of the technology company’s stock valued at $1,629,000 after purchasing an additional 2,867 shares during the period. Parametrica Management Ltd grew its stake in shares of NetEase by 1,150.7% during the 3rd quarter. Parametrica Management Ltd now owns 30,216 shares of the technology company’s stock valued at $7,971,000 after purchasing an additional 27,800 shares during the period. Crossmark Global Holdings Inc. bought a new stake in shares of NetEase during the 3rd quarter valued at about $525,000. Finally, Sumitomo Mitsui Asset Management Company LTD grew its stake in shares of NetEase by 170.6% during the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 54,574 shares of the technology company’s stock valued at $14,397,000 after purchasing an additional 34,404 shares during the period. Institutional investors and hedge funds own 50.41% of the company’s stock.
NTES has been the subject of a number of recent research reports. Vetr downgraded NetEase from a “strong-buy” rating to a “buy” rating and set a $327.04 price target for the company. in a research note on Monday, September 18th. Deutsche Bank AG set a $325.00 price objective on NetEase and gave the company a “buy” rating in a research report on Friday, October 6th. Barclays PLC started coverage on NetEase in a research report on Wednesday, October 4th. They set an “equal weight” rating and a $260.00 price objective on the stock. Zacks Investment Research cut NetEase from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. Finally, Jefferies Group LLC cut NetEase from a “buy” rating to a “hold” rating and lowered their price objective for the company from $330.00 to $290.00 in a research report on Tuesday, October 3rd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $298.82.
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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