NetEase (NASDAQ:NTES) Given New $122.00 Price Target at Bank of America

NetEase (NASDAQ:NTES) had its target price boosted by research analysts at Bank of America from $120.00 to $122.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Bank of America‘s target price points to a potential upside of 18.55% from the company’s current price.

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

NetEase Trading Up 7.2 %

NTES stock traded up $6.88 during midday trading on Wednesday, hitting $102.91. 1,510,092 shares of the company’s stock were exchanged, compared to its average volume of 1,325,201. NetEase has a 1-year low of $75.85 and a 1-year high of $114.50. The stock has a market capitalization of $66.08 billion, a PE ratio of 17.38, a P/E/G ratio of 3.53 and a beta of 0.57. The business has a 50-day simple moving average of $89.12 and a two-hundred day simple moving average of $87.72.

Hedge Funds Weigh In On NetEase

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brooklyn Investment Group purchased a new stake in shares of NetEase during the fourth quarter worth approximately $34,000. Retireful LLC acquired a new position in NetEase during the 4th quarter worth approximately $222,000. APEIRON CAPITAL Ltd increased its position in shares of NetEase by 20.5% in the 4th quarter. APEIRON CAPITAL Ltd now owns 129,321 shares of the technology company’s stock valued at $11,537,000 after purchasing an additional 22,000 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of NetEase by 7.9% in the 3rd quarter. Franklin Resources Inc. now owns 6,915 shares of the technology company’s stock valued at $588,000 after purchasing an additional 507 shares in the last quarter. Finally, World Investment Advisors LLC purchased a new stake in shares of NetEase during the 3rd quarter worth $4,138,000. Hedge funds and other institutional investors own 11.07% of the company’s stock.

NetEase Company Profile

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.