Wells Fargo & Company MN lessened its holdings in shares of Ferrari (NYSE:RACE) by 10.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 580,962 shares of the company’s stock after selling 65,285 shares during the period. Wells Fargo & Company MN’s holdings in Ferrari were worth $60,907,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of RACE. WCM Investment Management CA acquired a new position in shares of Ferrari during the 3rd quarter worth about $108,587,000. Ardevora Asset Management LLP acquired a new position in Ferrari in the 3rd quarter valued at approximately $37,501,000. Crestwood Capital Management L.P. acquired a new position in Ferrari in the 3rd quarter valued at approximately $11,783,000. Allianz Asset Management GmbH raised its holdings in Ferrari by 138.8% in the 3rd quarter. Allianz Asset Management GmbH now owns 173,027 shares of the company’s stock valued at $19,116,000 after acquiring an additional 100,583 shares in the last quarter. Finally, Sei Investments Co. raised its holdings in Ferrari by 1,401.8% in the 3rd quarter. Sei Investments Co. now owns 95,937 shares of the company’s stock valued at $10,599,000 after acquiring an additional 89,549 shares in the last quarter. 33.38% of the stock is owned by institutional investors and hedge funds.
Ferrari (NYSE RACE) opened at $129.56 on Monday. Ferrari has a 1-year low of $64.76 and a 1-year high of $131.20. The company has a current ratio of 3.26, a quick ratio of 2.68 and a debt-to-equity ratio of 2.77. The stock has a market capitalization of $24,480.88, a price-to-earnings ratio of 40.61, a price-to-earnings-growth ratio of 2.81 and a beta of 1.59.
Several equities analysts have commented on the company. Zacks Investment Research raised Ferrari from a “hold” rating to a “buy” rating and set a $134.00 price target for the company in a report on Friday, February 2nd. Morgan Stanley upped their price target on Ferrari from $100.00 to $105.00 and gave the company an “underweight” rating in a report on Wednesday, February 14th. BidaskClub cut Ferrari from a “strong-buy” rating to a “buy” rating in a report on Thursday, November 9th. HSBC assumed coverage on Ferrari in a report on Monday, December 11th. They issued a “hold” rating for the company. Finally, Jefferies Group upped their price target on Ferrari to $130.00 and gave the company a “buy” rating in a report on Friday, December 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $118.57.
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Ferrari Company 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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