NetEase (NASDAQ:NTES) Price Target Cut to $126.00 by Analysts at HSBC

NetEase (NASDAQ:NTES) had its price objective dropped by analysts at HSBC from $130.00 to $126.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. HSBC’s price objective suggests a potential upside of 34.29% from the stock’s current price.

Several other analysts also recently weighed in on the company. Morgan Stanley decreased their price objective on NetEase from $135.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, April 12th. StockNews.com raised shares of NetEase from a “buy” rating to a “strong-buy” rating in a report on Tuesday, March 26th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $126.00.

NetEase Stock Performance

Shares of NetEase stock traded up $0.76 on Wednesday, hitting $93.83. 415,891 shares of the company traded hands, compared to its average volume of 1,736,257. The stock has a market capitalization of $60.49 billion, a P/E ratio of 14.80, a price-to-earnings-growth ratio of 0.86 and a beta of 0.58. The business has a 50-day simple moving average of $103.05 and a 200 day simple moving average of $103.15. NetEase has a 52 week low of $80.79 and a 52 week high of $118.89.

NetEase (NASDAQ:NTES) last issued its quarterly earnings data on Thursday, February 29th. The technology company reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.20). NetEase had a return on equity of 24.36% and a net margin of 28.39%. The business had revenue of $3.82 billion during the quarter, compared to analysts’ expectations of $3.96 billion. Research analysts expect that NetEase will post 7.04 earnings per share for the current year.

Hedge Funds Weigh In On NetEase

A number of hedge funds have recently made changes to their positions in the stock. Naviter Wealth LLC purchased a new position in shares of NetEase during the first quarter worth $556,000. Wealth Enhancement Advisory Services LLC grew its position in NetEase by 4.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 9,501 shares of the technology company’s stock valued at $983,000 after acquiring an additional 430 shares in the last quarter. Guinness Asset Management LTD increased its stake in NetEase by 8.3% during the first quarter. Guinness Asset Management LTD now owns 80,371 shares of the technology company’s stock worth $8,316,000 after purchasing an additional 6,190 shares during the period. Park Avenue Securities LLC increased its stake in NetEase by 7.3% during the 1st quarter. Park Avenue Securities LLC now owns 5,695 shares of the technology company’s stock worth $589,000 after buying an additional 387 shares during the period. Finally, Ridgewood Investments LLC purchased a new stake in shares of NetEase during the first quarter worth $457,000. Hedge funds and other institutional investors own 11.07% of the company’s stock.

About NetEase

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.