Jennison Associates LLC reduced its stake in shares of Ferrari N.V. (NYSE:RACE – Free Report) by 6.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,615 shares of the company’s stock after selling 4,378 shares during the period. Jennison Associates LLC’s holdings in Ferrari were worth $22,546,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Fideuram Asset Management Ireland dac acquired a new stake in Ferrari during the fourth quarter valued at $29,000. Entrust Financial LLC acquired a new position in Ferrari in the 4th quarter worth about $33,000. Bellevue Asset Management LLC purchased a new stake in shares of Ferrari during the 1st quarter worth about $34,000. Bamco Inc. NY raised its stake in shares of Ferrari by 790.9% during the 4th quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after purchasing an additional 87 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in shares of Ferrari by 70.0% during the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company’s stock valued at $38,000 after buying an additional 42 shares during the last quarter.
Analysts Set New Price Targets
Several equities research analysts recently commented on RACE shares. Morgan Stanley raised Ferrari from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $388.00 to $438.00 in a research note on Monday, June 15th. UBS Group raised their price objective on shares of Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Jefferies Financial Group upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Ferrari in a research note on Tuesday, June 2nd. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $471.97.
Ferrari Stock Down 1.3%
Shares of RACE stock opened at $371.80 on Tuesday. The stock’s 50 day simple moving average is $357.08 and its 200 day simple moving average is $352.46. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $519.10. The company has a market capitalization of $86.98 billion, a price-to-earnings ratio of 35.68, a PEG ratio of 3.23 and a beta of 0.92.
Ferrari Profile
Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.
Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.
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