Prudential PLC raised its holdings in Ferrari N.V. (NYSE:RACE) by 7.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 68,009 shares of the company’s stock after purchasing an additional 4,860 shares during the period. Prudential PLC’s holdings in Ferrari N.V. were worth $5,850,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. acquired a new stake in shares of Ferrari N.V. in the first quarter worth approximately $127,000. Aviance Capital Management LLC acquired a new stake in shares of Ferrari N.V. in the second quarter worth approximately $130,000. PNC Financial Services Group Inc. boosted its stake in shares of Ferrari N.V. by 48.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,798 shares of the company’s stock worth $135,000 after acquiring an additional 586 shares during the last quarter. Opera Trading Capital acquired a new stake in shares of Ferrari N.V. in the second quarter worth approximately $172,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Ferrari N.V. in the second quarter worth approximately $216,000. 29.78% of the stock is currently owned by institutional investors.
Ferrari N.V. (NYSE:RACE) last released its earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.13. The firm had revenue of $1.01 billion during the quarter. Ferrari N.V. had a net margin of 14.43% and a return on equity of 128.49%.
A number of equities analysts have weighed in on RACE shares. Morgan Stanley lowered Ferrari N.V. from an “overweight” rating to an “underweight” rating and set a $100.00 price objective on the stock. in a research note on Thursday, September 7th. UBS AG reissued a “buy” rating and set a $100.00 price objective (up previously from $92.00) on shares of Ferrari N.V. in a research note on Tuesday, July 11th. Zacks Investment Research downgraded Ferrari N.V. from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Goldman Sachs Group, Inc. (The) assumed coverage on Ferrari N.V. in a research report on Wednesday, September 13th. They issued a “neutral” rating and a $131.00 target price on the stock. Finally, Evercore ISI lifted their target price on Ferrari N.V. from $46.00 to $105.00 and gave the company an “in-line” rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $109.86.
Ferrari N.V. Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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