Frank Rimerman Advisors LLC Reduces Stake in Baidu, Inc. (NASDAQ:BIDU)

Frank Rimerman Advisors LLC cut its stake in Baidu, Inc. (NASDAQ:BIDU) by 53.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,702 shares of the information services provider’s stock after selling 4,254 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Baidu were worth $390,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Crewe Advisors LLC purchased a new stake in shares of Baidu in the first quarter valued at about $31,000. iA Global Asset Management Inc. acquired a new position in Baidu in the 2nd quarter valued at about $52,000. Denver PWM LLC purchased a new stake in shares of Baidu in the 2nd quarter valued at approximately $67,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Baidu by 630.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 687 shares of the information services provider’s stock worth $72,000 after buying an additional 593 shares during the last quarter. Finally, Grove Bank & Trust raised its position in shares of Baidu by 21.6% during the 3rd quarter. Grove Bank & Trust now owns 731 shares of the information services provider’s stock valued at $77,000 after buying an additional 130 shares during the period.

Baidu Price Performance

Shares of NASDAQ BIDU opened at $93.13 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.32 and a quick ratio of 2.32. The company has a market cap of $32.66 billion, a price-to-earnings ratio of 12.47 and a beta of 0.49. The stock’s 50-day moving average is $92.33 and its two-hundred day moving average is $94.34. Baidu, Inc. has a 1-year low of $79.68 and a 1-year high of $126.23.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on BIDU shares. Barclays lowered their price objective on Baidu from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, August 23rd. Loop Capital reduced their price objective on shares of Baidu from $120.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, August 26th. Citigroup lowered their target price on shares of Baidu from $170.00 to $155.00 and set a “buy” rating for the company in a research note on Monday, July 15th. HSBC cut shares of Baidu from a “buy” rating to a “hold” rating and set a $100.00 price target for the company. in a research report on Tuesday, September 24th. Finally, Hsbc Global Res lowered shares of Baidu from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 24th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $128.36.

About Baidu

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.