Bank of America Increases NetEase (NASDAQ:NTES) Price Target to $122.00

NetEase (NASDAQ:NTES) had its price target lifted by Bank of America from $120.00 to $122.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Bank of America‘s target price suggests a potential upside of 22.85% from the stock’s previous close.

NTES has been the topic of a number of other reports. Citigroup upped their target price on NetEase from $108.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Morgan Stanley upgraded shares of NetEase from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $90.00 to $108.00 in a report on Wednesday, January 8th. Benchmark reduced their price objective on shares of NetEase from $120.00 to $105.00 and set a “buy” rating for the company in a report on Friday, November 15th. Finally, StockNews.com lowered shares of NetEase from a “strong-buy” rating to a “buy” rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $108.71.

NetEase Price Performance

Shares of NetEase stock opened at $99.31 on Wednesday. The business has a 50-day simple moving average of $89.60 and a 200 day simple moving average of $87.84. NetEase has a one year low of $75.85 and a one year high of $114.50. The firm has a market capitalization of $63.77 billion, a price-to-earnings ratio of 16.78, a PEG ratio of 3.08 and a beta of 0.57.

Hedge Funds Weigh In On NetEase

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in NetEase by 13,747.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,258,442 shares of the technology company’s stock worth $585,227,000 after acquiring an additional 6,213,248 shares during the period. Hhlr Advisors LTD. increased its position in shares of NetEase by 86.8% during the 3rd quarter. Hhlr Advisors LTD. now owns 2,588,943 shares of the technology company’s stock valued at $242,092,000 after purchasing an additional 1,203,129 shares during the last quarter. Point72 Hong Kong Ltd raised its stake in shares of NetEase by 109.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 1,213,323 shares of the technology company’s stock worth $115,969,000 after purchasing an additional 632,896 shares during the period. Temasek Holdings Private Ltd purchased a new position in shares of NetEase in the 3rd quarter worth about $51,498,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in NetEase by 472.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 418,000 shares of the technology company’s stock valued at $39,087,000 after buying an additional 345,000 shares during the period. 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.