Penserra Capital Management LLC Trims Stake in NetEase, Inc. $NTES

Penserra Capital Management LLC cut its holdings in NetEase, Inc. (NASDAQ:NTES) by 43.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,226 shares of the technology company’s stock after selling 6,448 shares during the period. Penserra Capital Management LLC’s holdings in NetEase were worth $1,250,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. NewSquare Capital LLC raised its holdings in NetEase by 137.2% in the 2nd quarter. NewSquare Capital LLC now owns 185 shares of the technology company’s stock worth $25,000 after purchasing an additional 107 shares during the period. Private Trust Co. NA increased its position in NetEase by 266.0% in the second quarter. Private Trust Co. NA now owns 194 shares of the technology company’s stock worth $26,000 after buying an additional 141 shares in the last quarter. Cornerstone Planning Group LLC bought a new position in shares of NetEase in the third quarter worth about $33,000. Richardson Financial Services Inc. purchased a new position in shares of NetEase during the 2nd quarter valued at about $33,000. Finally, Steigerwald Gordon & Koch Inc. purchased a new position in shares of NetEase during the 3rd quarter valued at about $38,000. Institutional investors own 11.07% of the company’s stock.

NetEase Stock Up 2.2%

Shares of NTES stock opened at $122.92 on Friday. The company’s fifty day simple moving average is $136.66 and its two-hundred day simple moving average is $139.60. NetEase, Inc. has a 52 week low of $88.54 and a 52 week high of $159.55. The stock has a market cap of $77.88 billion, a P/E ratio of 15.70, a PEG ratio of 1.34 and a beta of 0.71.

NetEase Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, December 5th. NetEase’s dividend payout ratio (DPR) is currently 28.99%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of NetEase from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $138.00 to $190.00 in a research note on Friday, October 10th. Sanford C. Bernstein set a $155.00 price objective on shares of NetEase in a research report on Friday, November 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NetEase in a report on Monday, December 22nd. Barclays set a $135.00 price target on NetEase and gave the company an “equal weight” rating in a report on Friday, November 21st. Finally, Citigroup restated a “buy” rating on shares of NetEase in a research report on Friday, November 21st. Seven investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $156.13.

About NetEase

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.