Barings LLC Sells 4,000 Shares of Ferrari N.V. $RACE

Barings LLC decreased its stake in shares of Ferrari N.V. (NYSE:RACE) by 62.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,382 shares of the company’s stock after selling 4,000 shares during the quarter. Barings LLC’s holdings in Ferrari were worth $891,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RACE. Caprock Group LLC purchased a new position in Ferrari in the third quarter worth about $1,484,000. Lansforsakringar Fondforvaltning AB publ grew its holdings in shares of Ferrari by 6.6% during the third quarter. Lansforsakringar Fondforvaltning AB publ now owns 51,928 shares of the company’s stock valued at $25,114,000 after buying an additional 3,224 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Ferrari by 94.4% during the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock valued at $9,284,000 after acquiring an additional 12,175 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in Ferrari by 3.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 183,917 shares of the company’s stock worth $89,077,000 after acquiring an additional 5,958 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after acquiring an additional 58,506 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RACE shares. Morgan Stanley set a $420.00 price target on Ferrari in a research note on Monday, February 16th. Citigroup upgraded shares of Ferrari from a “sell” rating to a “neutral” rating in a research note on Thursday, February 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Friday, April 10th. JPMorgan Chase & Co. increased their price objective on shares of Ferrari from $407.00 to $447.00 and gave the company an “overweight” rating in a research report on Tuesday, March 3rd. Finally, Sanford C. Bernstein restated an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $469.06.

Ferrari Stock Up 5.7%

Shares of RACE stock opened at $366.21 on Friday. The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $519.10. The stock has a market cap of $85.67 billion, a P/E ratio of 35.14, a P/E/G ratio of 3.28 and a beta of 0.93. The company has a 50 day simple moving average of $345.35 and a two-hundred day simple moving average of $354.15.

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.