Allspring Global Investments Holdings LLC Raises Stock Holdings in Ferrari N.V. $RACE

Allspring Global Investments Holdings LLC boosted its position in Ferrari N.V. (NYSE:RACE) by 21.6% in the first quarter, Holdings Channel.com reports. The firm owned 214,080 shares of the company’s stock after buying an additional 38,050 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ferrari were worth $73,296,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Benjamin Edwards Inc. grew its position in shares of Ferrari by 3.7% in the 2nd quarter. Benjamin Edwards Inc. now owns 613 shares of the company’s stock worth $299,000 after buying an additional 22 shares during the period. Pacific Sun Financial Corp lifted its position in Ferrari by 2.5% during the 3rd quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company’s stock valued at $489,000 after acquiring an additional 25 shares during the period. Horizon Investments LLC boosted its stake in Ferrari by 33.3% during the third quarter. Horizon Investments LLC now owns 104 shares of the company’s stock worth $50,000 after acquiring an additional 26 shares in the last quarter. Evergreen Capital Management LLC boosted its stake in Ferrari by 1.4% during the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company’s stock worth $946,000 after acquiring an additional 26 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Ferrari by 14.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company’s stock worth $108,000 after purchasing an additional 28 shares during the period.

Ferrari Trading Down 1.3%

Shares of NYSE:RACE opened at $377.68 on Friday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The stock has a market capitalization of $88.36 billion, a price-to-earnings ratio of 36.24, a PEG ratio of 3.28 and a beta of 0.92. The stock’s 50-day simple moving average is $356.23 and its two-hundred day simple moving average is $352.62. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $519.10.

Analyst Upgrades and Downgrades

RACE has been the subject of several recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a report on Wednesday, July 8th. UBS Group upped their price target on Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Wolfe Research initiated coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating for the company. Morgan Stanley raised Ferrari from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $388.00 to $438.00 in a report on Monday, June 15th. Finally, Jefferies Financial Group raised Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $471.97.

About Ferrari

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.