7,860 Ferrari N.V. $RACE Shares Acquired by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Ferrari stake by 3.6%, buying 7,860 shares in the third quarter to hold 226,350 shares valued at about $87.7 million.
• Ferrari reported quarterly EPS of $2.76, topping the $2.66 consensus estimate; revenue was $2.15 billion, up 7.4% year over year.
• Analysts’ average rating is “Moderate Buy”, with an average price target of $456.71; Ferrari shares opened at $419.27.

Allspring Global Investments Holdings LLC boosted its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 3.6% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 226,350 shares of the company's stock after buying an additional 7,860 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.10% of Ferrari worth $87,673,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Amundi grew its position in shares of Ferrari by 3.4% in the second quarter. Amundi now owns 3,060,265 shares of the company's stock valued at $1,139,306,000 after purchasing an additional 101,906 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Ferrari by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company's stock valued at $950,657,000 after buying an additional 218,830 shares in the last quarter. Deutsche Bank AG acquired a new position in Ferrari in the 2nd quarter valued at $413,209,000. The Manufacturers Life Insurance Company bought a new position in Ferrari during the 2nd quarter worth $388,816,000. Finally, Ninety One UK Ltd increased its position in Ferrari by 12.3% during the 3rd quarter. Ninety One UK Ltd now owns 941,574 shares of the company's stock worth $370,470,000 after buying an additional 103,264 shares during the period.

Ferrari Trading Up 0.8%

RACE opened at $419.27 on Tuesday. Ferrari N.V. has a twelve month low of $312.51 and a twelve month high of $437.15. The company has a 50-day simple moving average of $402.96 and a 200 day simple moving average of $371.48. The company has a quick ratio of 3.70, a current ratio of 4.94 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $98.09 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 3.80 and a beta of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last released its earnings results on Tuesday, November 3rd. The company reported $2.76 EPS for the quarter, beating the consensus estimate of $2.66 by $0.10. The firm had revenue of $2.15 billion for the quarter, compared to analyst estimates of $2.15 billion. Ferrari had a net margin of 22.55% and a return on equity of 43.71%. The business's quarterly revenue was up 7.4% compared to the same quarter last year. During the same period last year, the firm earned $2.14 EPS. Analysts predict that Ferrari N.V. will post 11.34 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. reissued a "buy" rating on shares of Ferrari in a research report on Tuesday, September 29th. Needham & Company LLC raised shares of Ferrari to a "neutral" rating in a research report on Friday, July 31st. Sanford C. Bernstein reiterated a "buy" rating on shares of Ferrari in a research note on Tuesday, September 29th. Morgan Stanley cut their price objective on shares of Ferrari from $460.00 to $456.00 and set an "overweight" rating for the company in a report on Wednesday, September 30th. Finally, Weiss Ratings upgraded shares of Ferrari from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $456.71.

Ferrari Company Profile

Ferrari N.V. designs, manufactures and sells luxury sports cars under the Ferrari brand. Based in Maranello, Italy, the company offers a range of road cars, including series-production models, special-series vehicles and limited-edition cars, with customization options for clients.

Ferrari also operates a motorsports business centered on its racing heritage. Scuderia Ferrari competes in Formula One and other racing series, while the company organizes customer racing programs and events.

In addition to cars and racing, Ferrari develops and licenses branded merchandise and lifestyle products.

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