Citigroup Forecasts Strong Price Appreciation for NetEase (NASDAQ:NTES) Stock

NetEase (NASDAQ:NTES) had its price objective lifted by Citigroup from $108.00 to $115.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s target price indicates a potential upside of 34.52% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Barclays decreased their price target on NetEase from $104.00 to $82.00 and set an “equal weight” rating on the stock in a research report on Monday, August 26th. Benchmark decreased their target price on shares of NetEase from $120.00 to $105.00 and set a “buy” rating on the stock in a report on Friday. Bank of America cut their price target on shares of NetEase from $142.00 to $120.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Jefferies Financial Group decreased their price target on shares of NetEase from $126.00 to $103.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Finally, StockNews.com lowered NetEase from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 20th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $107.29.

NetEase Trading Up 1.5 %

NetEase stock opened at $85.49 on Friday. The firm has a 50 day simple moving average of $83.75 and a 200 day simple moving average of $89.01. NetEase has a 1-year low of $75.85 and a 1-year high of $118.89. The firm has a market capitalization of $54.90 billion, a price-to-earnings ratio of 14.44, a P/E/G ratio of 1.69 and a beta of 0.57.

NetEase (NASDAQ:NTES) last announced its quarterly earnings results on Thursday, August 22nd. The technology company reported $12.05 earnings per share for the quarter, beating the consensus estimate of $1.62 by $10.43. NetEase had a return on equity of 22.30% and a net margin of 26.98%. The company had revenue of $25.49 billion during the quarter, compared to analysts’ expectations of $26.01 billion. During the same period in the previous year, the business earned $1.75 earnings per share. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, equities research analysts forecast that NetEase will post 6.02 EPS for the current year.

Hedge Funds Weigh In On NetEase

Hedge funds and other institutional investors have recently modified their holdings of the company. Mather Group LLC. raised its holdings in shares of NetEase by 1,415.0% during the 2nd quarter. Mather Group LLC. now owns 303 shares of the technology company’s stock valued at $31,000 after buying an additional 283 shares in the last quarter. SYSTM Wealth Solutions LLC boosted its stake in NetEase by 55.5% in the second quarter. SYSTM Wealth Solutions LLC now owns 328 shares of the technology company’s stock worth $31,000 after buying an additional 117 shares in the last quarter. Ariadne Wealth Management LP bought a new position in NetEase during the second quarter valued at approximately $35,000. Highline Wealth Partners LLC purchased a new position in shares of NetEase during the third quarter worth approximately $45,000. Finally, RPg Family Wealth Advisory LLC bought a new stake in shares of NetEase in the 3rd quarter worth approximately $70,000. 11.07% of the stock is currently owned by hedge funds and other institutional investors.

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.