California Public Employees Retirement System Sells 11,673 Shares of VNET Group, Inc. (NASDAQ:VNET)

California Public Employees Retirement System trimmed its position in shares of VNET Group, Inc. (NASDAQ:VNET) by 5.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 213,972 shares of the information technology services provider’s stock after selling 11,673 shares during the quarter. California Public Employees Retirement System owned 0.14% of VNET Group worth $614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of VNET. Mirae Asset Global Investments Co. Ltd. increased its position in VNET Group by 14.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,525,707 shares of the information technology services provider’s stock valued at $4,379,000 after acquiring an additional 188,593 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of VNET Group in the 4th quarter worth approximately $2,021,000. Maven Securities LTD boosted its holdings in shares of VNET Group by 11.7% in the third quarter. Maven Securities LTD now owns 127,973 shares of the information technology services provider’s stock worth $401,000 after buying an additional 13,447 shares during the last quarter. Jump Financial LLC grew its position in VNET Group by 89.2% during the third quarter. Jump Financial LLC now owns 41,869 shares of the information technology services provider’s stock valued at $131,000 after buying an additional 19,734 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in VNET Group during the third quarter valued at approximately $63,000. 72.83% of the stock is currently owned by hedge funds and other institutional investors.

VNET Group Price Performance

Shares of NASDAQ:VNET opened at $1.91 on Monday. The company has a market capitalization of $283.54 million, a P/E ratio of -0.78 and a beta of -0.31. VNET Group, Inc. has a 1-year low of $1.39 and a 1-year high of $3.88. The firm’s 50 day simple moving average is $1.69 and its two-hundred day simple moving average is $2.26. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.86 and a quick ratio of 0.71.

VNET Group (NASDAQ:VNET) last released its earnings results on Wednesday, March 27th. The information technology services provider reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.50). The firm had revenue of $267.40 million for the quarter, compared to analysts’ expectations of $289.41 million. VNET Group had a negative net margin of 35.68% and a negative return on equity of 11.15%. Research analysts expect that VNET Group, Inc. will post -0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Bank of America upgraded shares of VNET Group from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $3.90 to $2.70 in a research note on Tuesday, March 19th. StockNews.com cut VNET Group from a “hold” rating to a “sell” rating in a research report on Friday, April 5th.

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.