Geode Capital Management LLC Has $1.22 Million Stock Holdings in VNET Group, Inc. (NASDAQ:VNET)

Geode Capital Management LLC lifted its stake in VNET Group, Inc. (NASDAQ:VNET) by 237.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 298,539 shares of the information technology services provider’s stock after acquiring an additional 210,124 shares during the quarter. Geode Capital Management LLC owned approximately 0.12% of VNET Group worth $1,218,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Ballentine Partners LLC bought a new position in VNET Group during the second quarter worth about $36,000. Wolverine Trading LLC acquired a new stake in shares of VNET Group in the third quarter valued at approximately $46,000. AXA S.A. bought a new position in shares of VNET Group during the 2nd quarter worth approximately $65,000. Walleye Capital LLC acquired a new position in shares of VNET Group during the 3rd quarter worth approximately $115,000. Finally, Blue Trust Inc. increased its holdings in shares of VNET Group by 785.4% during the 3rd quarter. Blue Trust Inc. now owns 42,074 shares of the information technology services provider’s stock worth $172,000 after acquiring an additional 37,322 shares during the last quarter. Institutional investors own 72.83% of the company’s stock.

Analyst Ratings Changes

VNET has been the topic of several research analyst reports. UBS Group increased their price target on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a report on Friday, November 29th. The Goldman Sachs Group upgraded VNET Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $3.10 to $5.00 in a research note on Friday, November 29th. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research note on Wednesday, October 9th. Finally, HSBC raised VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price objective on the stock in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, VNET Group has a consensus rating of “Buy” and an average target price of $4.78.

VNET Group Trading Up 3.4 %

VNET opened at $5.76 on Friday. The firm has a market capitalization of $1.48 billion, a PE ratio of -2.59 and a beta of -0.24. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.83 and a quick ratio of 0.83. VNET Group, Inc. has a fifty-two week low of $1.39 and a fifty-two week high of $6.00. The company’s 50-day moving average is $4.04 and its 200 day moving average is $3.18.

VNET Group Profile

VNET Group, Inc, an investment holding company, provides hosting and related services in China. It offers managed hosting services consisting of managed retail services, such as colocation services that dedicate data center space to house customers' servers and networking equipment, as well as allow customers to lease partial or entire cabinets for their servers; interconnectivity services that allow customers to connect their servers; value-added services, including hybrid IT, bare metal, firewall, server load balancing, data backup and recovery, data center management, server management, and backup server services; cloud services that allow customers to run applications over the internet using IT infrastructure; and VPN Services that extend customers' private networks by setting up connections through the public internet.