ABN AMRO Bank N.V. Sells 3,002 Shares of Ferrari N.V. $RACE

ABN AMRO Bank N.V. reduced its stake in Ferrari N.V. (NYSE:RACE) by 15.0% during the first quarter, HoldingsChannel reports. The firm owned 16,963 shares of the company’s stock after selling 3,002 shares during the quarter. ABN AMRO Bank N.V.’s holdings in Ferrari were worth $5,687,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RACE. HighTower Advisors LLC lifted its holdings in shares of Ferrari by 94.4% during the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock worth $9,284,000 after purchasing an additional 12,175 shares during the period. Deutsche Bank AG increased its holdings in Ferrari by 3.9% in the fourth quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after purchasing an additional 36,670 shares during the period. CIBC Private Wealth Group LLC raised its position in Ferrari by 3.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 183,917 shares of the company’s stock worth $89,077,000 after purchasing an additional 5,958 shares during the last quarter. Vanguard Group Inc. raised its position in Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock worth $1,937,388,000 after purchasing an additional 58,506 shares during the last quarter. Finally, Value Partners Investments Inc. lifted its holdings in Ferrari by 99.3% during the 4th quarter. Value Partners Investments Inc. now owns 20,072 shares of the company’s stock worth $7,419,000 after buying an additional 10,000 shares during the period.

Ferrari Trading Up 4.4%

NYSE RACE opened at $367.78 on Friday. The stock has a market capitalization of $86.04 billion, a P/E ratio of 35.29, a P/E/G ratio of 3.51 and a beta of 0.93. The business has a 50 day simple moving average of $347.55 and a 200 day simple moving average of $352.07. 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 one year low of $312.51 and a one year high of $519.10.

Wall Street Analysts Forecast Growth

RACE has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on Ferrari from $407.00 to $447.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. UBS Group reduced their target price on Ferrari from $555.00 to $483.00 and set a “buy” rating on the stock in a report on Wednesday, April 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Friday, April 10th. Morgan Stanley upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $388.00 to $438.00 in a report on Monday, June 15th. Finally, Jefferies Financial Group upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $470.70.

Ferrari Company 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.