Ferrari N.V. $RACE Shares Sold by Glenmede Trust Co. NA

Key Points

• Glenmede Trust Co. NA cut its Ferrari stake by 64.3% in the first quarter, selling 2,564 shares and retaining 1,426 shares valued at approximately $483,000.
• Other institutional investors were generally buyers: Janus Henderson increased its holdings by 259.3%, while Empowered Funds expanded its position by more than 40,000%.
• Ferrari shares traded at $412.30, up 1.2%, while analysts maintained a broadly positive outlook with a “Moderate Buy” consensus and an average price target of $477.15.

Glenmede Trust Co. NA trimmed its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 64.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,426 shares of the company's stock after selling 2,564 shares during the quarter. Glenmede Trust Co. NA's holdings in Ferrari were worth $483,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Segall Bryant & Hamill LLC acquired a new position in Ferrari during the first quarter worth $537,000. Western Wealth Management LLC purchased a new stake in Ferrari in the 1st quarter valued at $101,000. Janus Henderson Group PLC increased its stake in shares of Ferrari by 259.3% in the 1st quarter. Janus Henderson Group PLC now owns 320,942 shares of the company's stock worth $107,563,000 after acquiring an additional 231,614 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Ferrari by 21.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 902 shares of the company's stock worth $305,000 after acquiring an additional 161 shares during the last quarter. Finally, Empowered Funds LLC raised its holdings in shares of Ferrari by 40,866.7% during the 1st quarter. Empowered Funds LLC now owns 27,038 shares of the company's stock worth $9,151,000 after acquiring an additional 26,972 shares during the period.

Ferrari Trading Up 1.2%

NYSE RACE opened at $412.30 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The stock has a market capitalization of $96.46 billion, a P/E ratio of 38.28, a PEG ratio of 3.54 and a beta of 0.91. The firm's 50-day moving average is $371.74 and its two-hundred day moving average is $354.71. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $504.49.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RACE. Morgan Stanley reissued an "overweight" rating and set a $442.00 price target on shares of Ferrari in a research report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Evercore reiterated an "outperform" rating and issued a $485.00 target price on shares of Ferrari in a report on Friday, July 31st. Needham & Company LLC upgraded shares of Ferrari to a "neutral" rating in a report on Friday, July 31st. Finally, Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a research report on Monday, August 3rd. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $477.15.

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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