Ferrari N.V. $RACE Shares Sold by Corient Private Wealth LLC

Corient Private Wealth LLC lessened its holdings in shares of Ferrari N.V. (NYSE:RACE) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 62,727 shares of the company’s stock after selling 3,168 shares during the period. Corient Private Wealth LLC’s holdings in Ferrari were worth $23,182,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. SHP Wealth Management bought a new stake in Ferrari during the 4th quarter valued at $326,000. EJMK Ventures LLC bought a new position in shares of Ferrari in the fourth quarter worth $416,000. Arwa LLC bought a new position in shares of Ferrari in the fourth quarter worth $295,000. Banque Transatlantique SA increased its holdings in shares of Ferrari by 2.4% during the fourth quarter. Banque Transatlantique SA now owns 30,486 shares of the company’s stock valued at $11,385,000 after purchasing an additional 714 shares during the period. Finally, Thryve Wealth Management LLC acquired a new position in shares of Ferrari during the fourth quarter valued at $739,000.

Ferrari Trading Down 3.7%

Shares of Ferrari stock opened at $348.66 on Tuesday. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. The firm has a market cap of $81.57 billion, a price-to-earnings ratio of 33.46, a price-to-earnings-growth ratio of 3.45 and a beta of 0.93. The business has a fifty day simple moving average of $347.73 and a 200-day simple moving average of $352.90. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RACE shares. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. JPMorgan Chase & Co. boosted their price target on shares of Ferrari from $407.00 to $447.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 3rd. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a report on Friday, April 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $470.70.

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.