VNET Group (NASDAQ:VNET) Raised to “Buy” at The Goldman Sachs Group

VNET Group (NASDAQ:VNET) was upgraded by investment analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $5.00 target price on the information technology services provider’s stock, up from their previous target price of $3.10. The Goldman Sachs Group’s price target suggests a potential upside of 29.53% from the stock’s previous close.

A number of other research firms have also issued reports on VNET. Citigroup initiated coverage on VNET Group in a research note on Wednesday, September 4th. They issued a “buy” rating and a $4.00 target price on the stock. Hsbc Global Res upgraded VNET Group to a “strong-buy” rating in a research report on Wednesday, October 9th. StockNews.com upgraded VNET Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. UBS Group boosted their target price on shares of VNET Group from $6.40 to $7.00 and gave the company a “buy” rating in a research note on Friday. Finally, HSBC raised shares of VNET Group from a “hold” rating to a “buy” rating and set a $5.20 price target on the stock in a research note on Wednesday, October 9th. One 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 company. Based on data from MarketBeat, VNET Group has an average rating of “Buy” and an average price target of $4.78.

VNET Group Price Performance

VNET stock opened at $3.86 on Friday. The firm has a 50 day moving average of $3.66 and a 200-day moving average of $2.70. The company has a market cap of $993.56 million, a price-to-earnings ratio of -1.74 and a beta of -0.27. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.46. VNET Group has a 12-month low of $1.39 and a 12-month high of $4.50.

VNET Group (NASDAQ:VNET) last issued its quarterly earnings data on Tuesday, August 27th. The information technology services provider reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.05. The firm had revenue of $274.35 million for the quarter, compared to analysts’ expectations of $266.56 million. VNET Group had a negative net margin of 28.54% and a negative return on equity of 5.68%. As a group, equities analysts expect that VNET Group will post -0.01 EPS for the current fiscal year.

Hedge Funds Weigh In On VNET Group

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

VNET Group Company 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.