Park Avenue Securities LLC Lowers Stake in NetEase, Inc. $NTES

Park Avenue Securities LLC lessened its position in NetEase, Inc. (NASDAQ:NTES) by 36.4% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 9,025 shares of the technology company’s stock after selling 5,163 shares during the period. Park Avenue Securities LLC’s holdings in NetEase were worth $1,372,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Gunderson Capital Management Inc. acquired a new position in NetEase in the 3rd quarter valued at $1,953,000. InTrack Investment Management Inc grew its position in shares of NetEase by 20.9% in the third quarter. InTrack Investment Management Inc now owns 4,463 shares of the technology company’s stock valued at $678,000 after purchasing an additional 771 shares during the period. Davis Capital Management acquired a new position in NetEase in the third quarter valued at $76,000. Fulton Bank N.A. purchased a new position in NetEase during the third quarter worth about $205,000. Finally, Signaturefd LLC lifted its position in NetEase by 6.5% during the third quarter. Signaturefd LLC now owns 4,155 shares of the technology company’s stock worth $632,000 after buying an additional 255 shares during the period. Institutional investors and hedge funds own 11.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. The Goldman Sachs Group set a $161.00 price target on NetEase and gave the company a “buy” rating in a report on Monday, September 15th. Wall Street Zen downgraded shares of NetEase from a “buy” rating to a “hold” rating in a report on Sunday, November 23rd. Citigroup reaffirmed a “buy” rating on shares of NetEase in a research report on Friday, November 21st. Sanford C. Bernstein set a $155.00 price target on shares of NetEase in a report on Friday, November 21st. Finally, Benchmark upped their price objective on NetEase from $145.00 to $158.00 and gave the stock a “buy” rating in a report on Friday, November 21st. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $152.33.

NetEase Stock Up 4.7%

Shares of NTES stock opened at $145.78 on Tuesday. NetEase, Inc. has a fifty-two week low of $88.54 and a fifty-two week high of $159.55. The firm’s 50 day moving average price is $139.12 and its two-hundred day moving average price is $139.79. The stock has a market cap of $92.36 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 1.55 and a beta of 0.67.

NetEase Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Friday, December 5th. NetEase’s dividend payout ratio is 28.99%.

NetEase Company Profile

NetEase, Inc (NASDAQ: NTES) is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company’s founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company’s primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.