Allspring Global Investments Holdings LLC Lowers Stake in Ferrari N.V. $RACE

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Ferrari N.V. by 16.9% during Q2, resulting in ownership of 3,768 shares worth approximately $1.85 million.
• Ferrari reported a quarterly EPS of $2.70, surpassing estimates of $2.57, with revenue of $2.12 billion, reflecting a 4.4% increase year-over-year.
• Analysts have mixed opinions on Ferrari stock, with price targets ranging from $470 to $529 and a consensus rating of "Buy."

Allspring Global Investments Holdings LLC cut its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 16.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,768 shares of the company's stock after selling 767 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Ferrari were worth $1,846,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RACE. Wealth Enhancement Advisory Services LLC lifted its stake in Ferrari by 21.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,074 shares of the company's stock valued at $1,743,000 after buying an additional 707 shares in the last quarter. Blue Trust Inc. lifted its stake in Ferrari by 74.2% in the 1st quarter. Blue Trust Inc. now owns 566 shares of the company's stock valued at $242,000 after buying an additional 241 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Ferrari in the 1st quarter valued at about $204,000. International Assets Investment Management LLC lifted its stake in Ferrari by 1.3% in the 1st quarter. International Assets Investment Management LLC now owns 2,711 shares of the company's stock valued at $1,160,000 after buying an additional 34 shares in the last quarter. Finally, Moran Wealth Management LLC purchased a new position in Ferrari in the 1st quarter valued at about $226,000.

Ferrari Stock Up 0.5%

Ferrari stock opened at $400.19 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. Ferrari N.V. has a fifty-two week low of $372.31 and a fifty-two week high of $519.10. The company has a market capitalization of $97.00 billion, a PE ratio of 41.30, a price-to-earnings-growth ratio of 4.22 and a beta of 1.08. The firm has a 50 day moving average price of $463.41 and a 200 day moving average price of $468.25.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.57 by $0.13. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The company had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. During the same quarter last year, the company posted $2.29 EPS. The firm's revenue was up 4.4% compared to the same quarter last year. Ferrari has set its FY 2025 guidance at 9.751- EPS. Research analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have commented on RACE shares. Citigroup cut their price objective on shares of Ferrari from $579.00 to $529.00 and set a "buy" rating for the company in a report on Thursday, October 16th. HSBC upgraded shares of Ferrari from a "hold" rating to a "buy" rating and set a $470.00 price objective for the company in a report on Thursday, October 2nd. Sanford C. Bernstein cut their price objective on shares of Ferrari from $554.00 to $475.00 and set an "outperform" rating for the company in a report on Friday, October 10th. Weiss Ratings reiterated a "buy (b)" rating on shares of Ferrari in a report on Wednesday, October 8th. Finally, Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $505.50.

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.

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