Allspring Global Investments Holdings LLC Raises Stock Holdings in Ferrari (NYSE:RACE)

Allspring Global Investments Holdings LLC grew its position in Ferrari (NYSE:RACE) by 12.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 152,304 shares of the company’s stock after buying an additional 17,165 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ferrari were worth $62,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RACE. Norges Bank purchased a new stake in shares of Ferrari in the fourth quarter worth $572,523,000. Capital International Investors raised its holdings in shares of Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after buying an additional 791,596 shares during the last quarter. Clearbridge Investments LLC lifted its stake in Ferrari by 6,024.9% during the 1st quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after acquiring an additional 374,691 shares during the period. Capital World Investors grew its holdings in Ferrari by 34.3% during the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after acquiring an additional 245,872 shares during the period. Finally, Capital International Inc. CA raised its position in shares of Ferrari by 207.3% in the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock worth $103,419,000 after acquiring an additional 160,055 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RACE shares. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Jefferies Financial Group began coverage on Ferrari in a research report on Friday, May 10th. They issued a “hold” rating and a $403.00 price target on the stock. UBS Group boosted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley raised their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Trading Up 2.0 %

Shares of NYSE:RACE opened at $489.26 on Wednesday. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $491.59. The company’s 50-day moving average price is $428.89 and its 200 day moving average price is $420.49. The company has a market cap of $90.39 billion, a PE ratio of 62.49, a P/E/G ratio of 4.85 and a beta of 0.99.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. Ferrari’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share. Sell-side analysts anticipate that Ferrari will post 8.71 earnings per share for the current year.

Ferrari Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.