Assenagon Asset Management S.A. Trims Stock Position in Baidu, Inc. (NASDAQ:BIDU)

Assenagon Asset Management S.A. trimmed its position in Baidu, Inc. (NASDAQ:BIDU) by 89.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,675 shares of the information services provider’s stock after selling 23,448 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Baidu were worth $246,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BIDU. RPD Fund Management LLC purchased a new stake in Baidu during the 4th quarter valued at approximately $72,245,000. FIL Ltd grew its holdings in Baidu by 367.1% during the 4th quarter. FIL Ltd now owns 599,918 shares of the information services provider’s stock valued at $50,579,000 after buying an additional 471,497 shares in the last quarter. Cantor Fitzgerald L. P. grew its holdings in Baidu by 1,510.9% during the 4th quarter. Cantor Fitzgerald L. P. now owns 399,975 shares of the information services provider’s stock valued at $33,722,000 after buying an additional 375,145 shares in the last quarter. Polunin Capital Partners Ltd purchased a new stake in Baidu during the 1st quarter valued at approximately $31,748,000. Finally, Contrarius Group Holdings Ltd purchased a new stake in Baidu during the 4th quarter valued at approximately $27,328,000.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BIDU. Citigroup lowered their target price on Baidu from $139.00 to $138.00 and set a “buy” rating for the company in a research report on Thursday, May 22nd. Barclays set a $84.00 target price on Baidu and gave the company an “equal weight” rating in a research report on Thursday, May 22nd. Sanford C. Bernstein reiterated a “market perform” rating on shares of Baidu in a research report on Saturday, March 8th. Macquarie reiterated a “neutral” rating on shares of Baidu in a research report on Wednesday, May 21st. Finally, Benchmark lowered their target price on Baidu from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, May 22nd. Twelve investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.82.

Baidu Stock Down 1.7%

Shares of BIDU opened at $84.54 on Friday. Baidu, Inc. has a 52-week low of $74.71 and a 52-week high of $116.25. The company has a market capitalization of $29.20 billion, a PE ratio of 8.39 and a beta of 0.33. The stock has a fifty day simple moving average of $86.60 and a two-hundred day simple moving average of $87.81. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.27.

Baidu Profile

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.