Ferrari N.V. $RACE Shares Acquired by Swiss National Bank

Key Points

• Swiss National Bank increased its Ferrari stake by 26.8% in the first quarter, buying 92,373 additional shares and bringing its holding to 436,456 shares worth about $145.4 million.
• Several other institutional investors also added to or established positions in Ferrari, including Norges Bank, Groupama Asset Managment, Ninety One UK Ltd, Morgan Stanley, and Viking Global Investors.
• Analysts remain broadly positive on Ferrari, with recent upgrades from Morgan Stanley, UBS, Jefferies, and Wolfe Research, while the stock currently carries a Moderate Buy consensus price target of $471.97.

Swiss National Bank lifted its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 26.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 436,456 shares of the company's stock after purchasing an additional 92,373 shares during the period. Swiss National Bank owned about 0.19% of Ferrari worth $145,435,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in Ferrari during the 4th quarter worth about $779,894,000. Groupama Asset Managment boosted its stake in shares of 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 during the period. Ninety One UK Ltd purchased a new position in shares of Ferrari in the 4th quarter valued at about $338,785,000. Morgan Stanley boosted its stake in shares of Ferrari by 43.4% in the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock valued at $941,109,000 after buying an additional 771,039 shares during the period. Finally, Viking Global Investors LP grew its position in shares of Ferrari by 432.7% during the second 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 in the last quarter.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of recent research reports. Morgan Stanley upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. UBS Group lifted their price target on shares of Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Jefferies Financial Group upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. Wolfe Research initiated coverage on shares of Ferrari in a research report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Three 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, Ferrari presently has a consensus rating of "Moderate Buy" and a consensus price target of $471.97.

Ferrari Stock Up 0.2%

Shares of NYSE RACE opened at $377.68 on Monday. The business has a 50-day moving average of $356.23 and a two-hundred day moving average of $352.46. The company has a market capitalization of $88.36 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 3.23 and a beta of 0.92. 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.

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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