Evelyn Partners Investment Management LLP Sells 19,945 Shares of Ferrari N.V. $RACE

Key Points

• Evelyn Partners Investment Management LLP reduced its Ferrari stake by 30% in the first quarter, selling 19,945 shares and retaining 46,583 shares valued at approximately $15.8 million.
• Analyst sentiment remains positive: Ferrari has a consensus “Moderate Buy” rating and an average price target of $471.97, with UBS and Morgan Stanley among firms raising their targets or ratings.
• Ferrari shares opened at $380.09 after recently trading up 5.5%; the stock has a market capitalization of about $88.9 billion and a 52-week range of $312.51 to $515.00.

Evelyn Partners Investment Management LLP lowered its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 30.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,583 shares of the company's stock after selling 19,945 shares during the period. Evelyn Partners Investment Management LLP's holdings in Ferrari were worth $15,773,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Fideuram Asset Management Ireland dac purchased a new stake in shares of Ferrari during the 4th quarter valued at $29,000. Entrust Financial LLC purchased a new position in shares of Ferrari in the 4th quarter worth about $33,000. Bamco Inc. NY grew its position in Ferrari by 790.9% during 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 during the period. Bellevue Asset Management LLC bought a new position in Ferrari during the first quarter valued at about $34,000. Finally, CoreCap Advisors LLC increased its holdings in Ferrari by 70.0% during the fourth quarter. CoreCap Advisors LLC now owns 102 shares of the company's stock worth $38,000 after buying an additional 42 shares during the last quarter.

Analyst Ratings Changes

Several analysts have commented on the stock. UBS Group lifted their price objective on shares of Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Sanford C. Bernstein reissued an "outperform" rating on shares of Ferrari in a research report on Tuesday, June 2nd. Weiss Ratings restated a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Jefferies Financial Group raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. Finally, Morgan Stanley upgraded Ferrari from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $388.00 to $438.00 in a research note on Monday, June 15th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $471.97.

Ferrari Trading Up 5.5%

Shares of RACE opened at $380.09 on Tuesday. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $515.00. The business has a 50-day moving average of $361.11 and a 200 day moving average of $352.31. The firm has a market cap of $88.92 billion, a P/E ratio of 36.47, a price-to-earnings-growth ratio of 3.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20.

About Ferrari

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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