Jennison Associates LLC Decreases Holdings in Ferrari N.V. (NYSE:RACE)

Jennison Associates LLC lowered its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 37.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,687,903 shares of the company's stock after selling 1,003,904 shares during the period. Jennison Associates LLC owned approximately 0.70% of Ferrari worth $716,774,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of RACE. Norges Bank bought a new position in shares of Ferrari in the fourth quarter valued at approximately $697,226,000. Price T Rowe Associates Inc. MD lifted its stake in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock valued at $763,125,000 after acquiring an additional 594,547 shares in the last quarter. Barclays PLC boosted its holdings in Ferrari by 198.0% during the 4th quarter. Barclays PLC now owns 853,971 shares of the company's stock worth $362,802,000 after acquiring an additional 567,407 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Ferrari by 62.1% in the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company's stock worth $579,561,000 after acquiring an additional 520,337 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of Ferrari by 270.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 164,235 shares of the company's stock worth $69,774,000 after acquiring an additional 119,911 shares in the last quarter.

Ferrari Stock Performance

Shares of RACE traded down $0.20 during mid-day trading on Friday, hitting $505.99. The stock had a trading volume of 372,300 shares, compared to its average volume of 351,148. The business has a fifty day moving average price of $483.24 and a 200-day moving average price of $459.45. Ferrari N.V. has a 52 week low of $391.54 and a 52 week high of $510.56. The firm has a market cap of $122.64 billion, a P/E ratio of 53.54, a PEG ratio of 5.55 and a beta of 1.09. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 4.04.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.06. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. Ferrari's revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.95 EPS. On average, equities research analysts expect that Ferrari N.V. will post 9.22 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.