Diversify Wealth Management LLC Acquires Shares of 3,876 Ferrari N.V. $RACE

Key Points

• Diversify Wealth Management LLC opened a new position in Ferrari during the first quarter, buying 3,876 shares valued at about $1.308 million.
• Ferrari’s stock was up 1.7% to $375.40, with a market capitalization of $87.83 billion and trading above both its 50-day and 200-day moving averages.
• Wall Street sentiment remains constructive: analysts have a Moderate Buy consensus on Ferrari, with a consensus price target of $471.97.

Diversify Wealth Management LLC acquired a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,876 shares of the company's stock, valued at approximately $1,308,000.

Other large investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Ferrari during the fourth quarter worth about $779,894,000. Groupama Asset Managment lifted its stake in Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company's stock valued at $8,244,189,000 after buying an additional 916,821 shares in the last quarter. Ninety One UK Ltd purchased a new position in Ferrari in the 4th quarter valued at about $338,785,000. Morgan Stanley boosted its holdings in Ferrari by 43.4% in the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock worth $941,109,000 after buying an additional 771,039 shares during the last quarter. Finally, Viking Global Investors LP boosted its holdings in Ferrari by 432.7% in the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company's stock worth $353,526,000 after buying an additional 585,872 shares during the last quarter.

Ferrari Trading Up 1.7%

RACE opened at $375.40 on Thursday. The firm has a market capitalization of $87.83 billion, a price-to-earnings ratio of 36.02, a price-to-earnings-growth ratio of 3.17 and a beta of 0.92. The company's 50 day simple moving average is $354.56 and its two-hundred day simple moving average is $352.41. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $519.10. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of research analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Ferrari in a research note on Tuesday, June 2nd. UBS Group boosted their price target on Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Wolfe Research assumed coverage on Ferrari in a research note on Tuesday, July 7th. They issued an "outperform" rating for the company. Finally, Morgan Stanley upgraded Ferrari from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $388.00 to $438.00 in a report on Monday, June 15th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock 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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