NewEdge Wealth LLC Lowers Stock Holdings in Ferrari N.V. $RACE

NewEdge Wealth LLC cut its position in Ferrari N.V. (NYSE:RACE) by 9.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,762 shares of the company’s stock after selling 1,586 shares during the quarter. NewEdge Wealth LLC’s holdings in Ferrari were worth $5,334,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RACE. Norges Bank purchased a new position in Ferrari during the 4th quarter valued at about $779,894,000. Ninety One UK Ltd purchased a new stake in Ferrari during the fourth quarter worth about $338,785,000. Morgan Stanley increased its stake in Ferrari by 43.4% during the fourth 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 during the period. Viking Global Investors LP lifted its position in shares of Ferrari by 432.7% during the second quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock worth $353,526,000 after purchasing an additional 585,872 shares in the last quarter. Finally, Credit Agricole S A acquired a new stake in shares of Ferrari during the third quarter worth about $279,003,000.

Ferrari Stock Performance

Shares of Ferrari stock opened at $359.82 on Friday. The business has a 50-day simple moving average of $359.23 and a 200-day simple moving average of $352.39. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. Ferrari N.V. has a one year low of $312.51 and a one year high of $519.10. The company has a market cap of $84.18 billion, a PE ratio of 34.53, a P/E/G ratio of 3.19 and a beta of 0.92.

Analyst Ratings Changes

A number of research analysts recently weighed in on RACE shares. 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 report on Monday, June 15th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Jefferies Financial Group upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Finally, UBS Group upped their price objective on Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $471.97.

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.