Andra AP fonden Has $633,000 Stock Holdings in Ferrari N.V. $RACE

Key Points

• Andra AP fonden sharply cut its Ferrari stake in the first quarter, selling 21,669 shares and reducing its position by 92.1% to 1,869 shares worth about $633,000.
• Large institutional investors still hold significant Ferrari positions, including Vanguard, Amundi, Bank of New York Mellon, Morgan Stanley, and Norges Bank, indicating continued broad institutional interest in the stock.
• Analyst sentiment remains constructive: Ferrari has a consensus “Moderate Buy” rating and an average price target of $471.97, with several firms recently raising ratings or price targets.

Andra AP fonden lessened its position in Ferrari N.V. (NYSE:RACE - Free Report) by 92.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,869 shares of the company's stock after selling 21,669 shares during the period. Andra AP fonden's holdings in Ferrari were worth $633,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of RACE. Vanguard Group Inc. increased its holdings in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company's stock valued at $1,937,388,000 after purchasing an additional 58,506 shares during the last quarter. Amundi increased its stake in shares of Ferrari by 11.1% during the 4th quarter. Amundi now owns 3,303,264 shares of the company's stock worth $1,220,754,000 after purchasing an additional 330,896 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Ferrari by 8.4% during 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 purchasing an additional 218,830 shares during the last quarter. Morgan Stanley increased its stake in shares of Ferrari by 43.4% during the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock worth $941,109,000 after purchasing an additional 771,039 shares during the period. Finally, Norges Bank bought a new position in Ferrari during the fourth quarter worth about $779,894,000.

Ferrari Price Performance

Ferrari stock opened at $359.82 on Friday. The stock's 50 day moving average is $359.23 and its 200 day moving average is $352.39. Ferrari N.V. has a one year low of $312.51 and a one year high of $519.10. The firm has a market cap of $84.18 billion, a P/E ratio of 34.53, a P/E/G ratio of 3.19 and a beta of 0.92. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Sanford C. Bernstein reiterated an "outperform" rating on shares of Ferrari in a research report on Tuesday, June 2nd. Morgan Stanley raised Ferrari from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $388.00 to $438.00 in a research note on Monday, June 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Wolfe Research began coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an "outperform" rating on the stock. Finally, Jefferies Financial Group raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $471.97.

Ferrari Profile

Ferrari N.V. NYSE: RACE is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company's core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.

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