AlpenGlobal Capital LLC Takes Position in Ferrari N.V. $RACE

AlpenGlobal Capital LLC acquired a new position in shares of Ferrari N.V. (NYSE:RACE) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,902 shares of the company’s stock, valued at approximately $4,028,000. Ferrari accounts for approximately 2.6% of AlpenGlobal Capital LLC’s holdings, making the stock its 15th biggest holding.

A number of other hedge funds have also bought and sold shares of the company. Groupama Asset Managment boosted its position in shares of Ferrari by 5.7% during the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company’s stock valued at $8,244,189,000 after purchasing an additional 916,821 shares in the last quarter. Vanguard Group Inc. increased its stake in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after purchasing an additional 58,506 shares in the last quarter. Amundi raised its holdings in shares of Ferrari by 11.1% during the fourth quarter. Amundi now owns 3,303,264 shares of the company’s stock valued at $1,220,754,000 after purchasing an additional 330,896 shares during the period. Morgan Stanley boosted its position in shares of Ferrari by 43.4% during the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock worth $941,109,000 after purchasing an additional 771,039 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Ferrari by 27.5% in the 3rd quarter. Alliancebernstein L.P. now owns 2,379,261 shares of the company’s stock valued at $1,154,465,000 after buying an additional 512,703 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wolfe Research initiated coverage on Ferrari in a research report on Tuesday. They issued an “outperform” rating for the company. Jefferies Financial Group raised Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. UBS Group increased their target price on Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Finally, Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $471.97.

Ferrari News Roundup

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Mercedes boss Toto Wolff said Ferrari could challenge Mercedes for the rest of the F1 season, a comment that may boost sentiment around Ferrari’s competitive outlook and brand visibility. Toto Wolff warns Ferrari will challenge Mercedes for ‘rest of the F1 season’
• Positive Sentiment: Ferrari’s Madrid track filming day and its data-gathering efforts ahead of rivals highlight ongoing F1 development, which can support enthusiasm around the team’s performance momentum. First look: Ferrari gives Madrid track its F1 debut on filming day Ferrari begins gathering what could be crucial data ahead of its F1 rivals
• Neutral Sentiment: Several articles covered Ferrari cars in drag races and enthusiast content, which may help brand exposure but is unlikely to materially affect the stock. Is the Ferrari Pista faster than the Ferrari F8 Tributo in drag race? Lamborghini Revuelto faces Ferrari 296 GTB in drag race
• Negative Sentiment: An article on Ferrari’s Austria engine upgrade said the race exposed problems the update could not fix, which could weigh on sentiment if investors view it as a sign of persistent performance issues in F1. Ferrari brought an engine upgrade to Austria – then the race exposed everything it could not fix
• Negative Sentiment: Coverage of a Ferrari race car crash at Watkins Glen and a classic Mini destroying a tuned Ferrari in a drag race may be mildly negative for brand optics, though likely limited in financial impact. Ferrari race car crash at Watkins Glen during 130 mph run Classic Mini Destroys Tuned Ferrari 488 In Wild Drag Race Battle

Ferrari Trading Up 0.6%

RACE opened at $376.78 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10. The firm has a market capitalization of $88.15 billion, a PE ratio of 36.16, a P/E/G ratio of 3.22 and a beta of 0.92. The company’s 50-day moving average is $352.36 and its 200 day moving average is $352.64.

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.