Assenagon Asset Management S.A. Boosts Holdings in Ferrari N.V. $RACE

Key Points

• Assenagon Asset Management increased its Ferrari stake by 2,004.6% in the second quarter, owning 184,129 shares valued at approximately $68.5 million.
• Analyst sentiment remains positive, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15; recent targets include $485 from Evercore and $490 from UBS.
• Ferrari shares opened at $412.30, with a market capitalization of about $96.5 billion and a 12-month trading range of $312.51 to $504.49.

Assenagon Asset Management S.A. raised its position in Ferrari N.V. (NYSE:RACE - Free Report) by 2,004.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 184,129 shares of the company's stock after buying an additional 175,380 shares during the period. Assenagon Asset Management S.A. owned about 0.08% of Ferrari worth $68,535,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fideuram Asset Management Ireland dac acquired a new stake in shares of Ferrari in the 4th quarter worth $29,000. Entrust Financial LLC purchased a new position in shares of Ferrari during the fourth quarter worth $33,000. Bellevue Asset Management LLC acquired a new stake in shares of Ferrari in the first quarter valued at $34,000. Bamco Inc. NY grew its stake in shares of Ferrari by 790.9% in the fourth quarter. Bamco Inc. NY now owns 98 shares of the company's stock valued at $36,000 after buying an additional 87 shares in the last quarter. Finally, Navalign LLC acquired a new position in Ferrari in the 4th quarter valued at about $41,000.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RACE. Wolfe Research initiated coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an "outperform" rating on the stock. Evercore reissued an "outperform" rating and set a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. UBS Group reduced their target price on shares of Ferrari from $497.00 to $490.00 and set a "buy" rating on the stock in a report on Friday, July 31st. Needham & Company LLC upgraded Ferrari to a "neutral" rating in a report on Friday, July 31st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a research report on Wednesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $477.15.

Ferrari Stock Up 1.2%

Shares of NYSE RACE opened at $412.30 on Friday. The firm's 50-day moving average is $371.74 and its two-hundred day moving average is $354.71. The company has a market capitalization of $96.46 billion, a PE ratio of 38.28, a price-to-earnings-growth ratio of 3.50 and a beta of 0.91. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49.

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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