Ferrari N.V. (NYSE:RACE) Holdings Decreased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 15.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,535 shares of the company's stock after selling 822 shares during the period. Allspring Global Investments Holdings LLC's holdings in Ferrari were worth $1,937,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Park Square Financial Group LLC purchased a new position in shares of Ferrari during the 4th quarter worth about $32,000. Alpine Bank Wealth Management purchased a new position in shares of Ferrari during the 1st quarter worth about $33,000. Webster Bank N. A. purchased a new position in shares of Ferrari during the 1st quarter worth about $43,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Ferrari in the first quarter valued at approximately $48,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Ferrari by 60.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148 shares of the company's stock valued at $63,000 after buying an additional 56 shares during the period.

Ferrari Stock Down 1.5%

Shares of RACE stock traded down $7.43 during mid-day trading on Friday, reaching $490.51. 268,265 shares of the company were exchanged, compared to its average volume of 346,603. The company has a market capitalization of $118.89 billion, a P/E ratio of 51.91, a P/E/G ratio of 5.58 and a beta of 1.09. The business's 50 day simple moving average is $480.99 and its 200 day simple moving average is $457.26. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.04 and a current ratio of 5.09. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $509.13.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 EPS for the quarter, topping analysts' consensus estimates of $2.36 by $0.06. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.82 billion. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The firm's revenue was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.95 earnings per share. Research analysts predict that Ferrari N.V. will post 9.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

RACE has been the topic of several research reports. UBS Group raised their price target on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. JPMorgan Chase & Co. dropped their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Kepler Capital Markets upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Finally, Barclays upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Company 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.