Envestnet Asset Management Inc. Has $113.70 Million Stock Holdings in Ferrari N.V. $RACE

Envestnet Asset Management Inc. increased its stake in shares of Ferrari N.V. (NYSE:RACE) by 6.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 234,470 shares of the company’s stock after buying an additional 14,328 shares during the period. Envestnet Asset Management Inc.’s holdings in Ferrari were worth $113,704,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RACE. Groupama Asset Managment lifted its position in shares of Ferrari by 24,598.5% during the second quarter. Groupama Asset Managment now owns 16,073,800 shares of the company’s stock worth $7,888,057,000 after purchasing an additional 16,008,720 shares in the last quarter. Norges Bank bought a new position in Ferrari in the 2nd quarter worth approximately $885,051,000. Bank of New York Mellon Corp lifted its holdings in Ferrari by 63.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock worth $1,295,907,000 after buying an additional 1,039,234 shares in the last quarter. Viking Global Investors LP boosted its position in Ferrari by 432.7% in the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company’s stock valued at $353,526,000 after buying an additional 585,872 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in Ferrari in the 2nd quarter valued at $109,526,000.

Ferrari Trading Down 0.1%

RACE opened at $334.32 on Friday. The firm’s fifty day moving average is $362.37 and its two-hundred day moving average is $416.29. The firm has a market cap of $81.03 billion, a PE ratio of 33.77, a price-to-earnings-growth ratio of 3.63 and a beta of 0.99. Ferrari N.V. has a twelve month low of $328.00 and a twelve month high of $519.10. The company has a debt-to-equity ratio of 0.76, a quick ratio of 3.78 and a current ratio of 4.90.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RACE shares. Barclays set a $420.00 price target on Ferrari and gave the company an “overweight” rating in a research note on Tuesday, December 9th. Oddo Bhf downgraded shares of Ferrari to a “neutral” rating in a research report on Wednesday, December 10th. Citigroup lowered their price target on shares of Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a research report on Thursday, October 16th. Loop Capital set a $481.67 price target on shares of Ferrari in a research note on Thursday, December 4th. Finally, Zacks Research raised shares of Ferrari from a “strong sell” rating to a “hold” rating in a research note on Monday, February 2nd. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $480.67.

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.