Hsbc Holdings PLC Has $1.38 Million Position in Ferrari N.V. $RACE

Hsbc Holdings PLC reduced its holdings in shares of Ferrari N.V. (NYSE:RACE) by 93.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,699 shares of the company’s stock after selling 52,494 shares during the quarter. Hsbc Holdings PLC’s holdings in Ferrari were worth $1,376,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC raised its position in Ferrari by 94.4% during the 4th 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 last quarter. Deutsche Bank AG lifted its stake 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 buying an additional 36,670 shares during the period. CIBC Private Wealth Group LLC lifted its position in shares of Ferrari by 3.3% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 183,917 shares of the company’s stock valued at $89,077,000 after acquiring an additional 5,958 shares during the period. Vanguard Group Inc. boosted its position in shares of 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 in the last quarter. Finally, Value Partners Investments Inc. boosted its holdings in Ferrari by 99.3% in the fourth quarter. Value Partners Investments Inc. now owns 20,072 shares of the company’s stock worth $7,419,000 after acquiring an additional 10,000 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RACE. UBS Group dropped their price objective on shares of Ferrari from $555.00 to $483.00 and set a “buy” rating on the stock in a research note on Wednesday, April 1st. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Sanford C. Bernstein reissued an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a report on Friday, April 10th. Finally, Morgan Stanley upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $388.00 to $438.00 in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $470.70.

Ferrari Stock Up 0.8%

RACE stock opened at $375.11 on Thursday. The company’s 50 day moving average is $347.84 and its 200 day moving average is $351.92. The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72. The stock has a market cap of $87.76 billion, a price-to-earnings ratio of 36.00, a price-to-earnings-growth ratio of 3.56 and a beta of 0.92. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $519.10.

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.