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

Allspring Global Investments Holdings LLC lowered its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 15.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RACE. Park Square Financial Group LLC purchased a new position in Ferrari in the fourth quarter worth about $32,000. Alpine Bank Wealth Management purchased a new position in Ferrari in the first quarter worth about $33,000. Webster Bank N. A. purchased a new position in Ferrari in the first quarter worth about $43,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Ferrari in the first quarter worth about $48,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Ferrari by 60.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148 shares of the company's stock worth $63,000 after acquiring an additional 56 shares in the last quarter.

Analysts Set New Price Targets

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

Ferrari Trading Up 0.6%

Shares of Ferrari stock traded up $2.71 on Tuesday, hitting $489.03. 365,412 shares of the company traded hands, compared to its average volume of 412,047. The stock's 50 day moving average price is $479.12 and its 200-day moving average price is $456.33. The company has a current ratio of 5.09, a quick ratio of 4.04 and a debt-to-equity ratio of 0.93. Ferrari N.V. has a 52 week low of $391.54 and a 52 week high of $509.13. The company has a market cap of $118.53 billion, a PE ratio of 51.75, a PEG ratio of 5.58 and a beta of 1.09.

Ferrari (NYSE:RACE - Get Free Report) last issued 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 company 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%. Ferrari's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.95 earnings per share. Equities research analysts predict that Ferrari N.V. will post 9.22 EPS for the current year.

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.