Mirae Asset Global Investments Co. Ltd. lessened its stake in VNET Group, Inc. (NASDAQ:VNET – Get Rating) by 5.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,528,890 shares of the information technology services provider’s stock after selling 92,291 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 1.05% of VNET Group worth $8,913,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the stock. River & Mercantile Asset Management LLP increased its stake in VNET Group by 64.1% in the 1st quarter. River & Mercantile Asset Management LLP now owns 154,889 shares of the information technology services provider’s stock worth $904,000 after buying an additional 60,500 shares during the period. Invesco Ltd. increased its stake in VNET Group by 41.9% in the 1st quarter. Invesco Ltd. now owns 164,958 shares of the information technology services provider’s stock worth $962,000 after buying an additional 48,710 shares during the period. Hsbc Holdings PLC increased its stake in VNET Group by 1,424.1% in the 1st quarter. Hsbc Holdings PLC now owns 986,362 shares of the information technology services provider’s stock worth $5,751,000 after buying an additional 921,643 shares during the period. Renaissance Technologies LLC increased its stake in VNET Group by 133.1% in the 1st quarter. Renaissance Technologies LLC now owns 759,967 shares of the information technology services provider’s stock worth $4,431,000 after buying an additional 433,900 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in VNET Group during the 1st quarter worth about $1,224,000. Hedge funds and other institutional investors own 58.32% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have issued reports on VNET. The Goldman Sachs Group upgraded shares of VNET Group from a “sell” rating to a “neutral” rating and set a $6.50 target price on the stock in a report on Wednesday, May 25th. HSBC dropped their target price on shares of VNET Group from $13.50 to $9.40 in a report on Wednesday, May 25th. Finally, Credit Suisse Group cut shares of VNET Group from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $7.20 to $5.90 in a report on Thursday, September 1st.
VNET Group Stock Down 0.6 %
VNET Group (NASDAQ:VNET – Get Rating) last released its quarterly earnings results on Tuesday, August 30th. The information technology services provider reported ($2.58) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($2.22). VNET Group had a negative net margin of 2.13% and a negative return on equity of 1.89%. During the same quarter in the prior year, the firm earned $0.06 earnings per share. On average, equities analysts forecast that VNET Group, Inc. will post -0.6 EPS for the current year.
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; server administration services; 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; VPN Services that extend customers' private networks by setting up connections through the public internet.
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