Ferrari N.V. $RACE Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC reduced its Ferrari stake by 6.2% in the first quarter, selling 4,378 shares and leaving it with 66,615 shares valued at about $22.5 million.
• Other institutions were mostly adding to Ferrari, including notable increases from Barings LLC, Allspring Global Investments, Bank of New York Mellon, and J. Safra Sarasin Holding AG.
• Analyst sentiment remains positive overall, with multiple recent upgrades and a consensus rating of “Moderate Buy”; MarketBeat puts the average price target at $471.97.

Jennison Associates LLC decreased its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 6.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,615 shares of the company's stock after selling 4,378 shares during the period. Jennison Associates LLC's holdings in Ferrari were worth $22,546,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in Ferrari by 17.5% during the 1st quarter. Assetmark Inc. now owns 2,660 shares of the company's stock valued at $900,000 after purchasing an additional 397 shares in the last quarter. Barings LLC lifted its holdings in shares of Ferrari by 823.5% in the first quarter. Barings LLC now owns 21,998 shares of the company's stock valued at $7,347,000 after buying an additional 19,616 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Ferrari by 21.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 214,080 shares of the company's stock valued at $73,296,000 after buying an additional 38,050 shares during the period. Bank of New York Mellon Corp boosted its stake in Ferrari by 8.4% during the first quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company's stock valued at $950,657,000 after buying an additional 218,830 shares in the last quarter. Finally, J. Safra Sarasin Holding AG boosted its stake in Ferrari by 158.0% during the first quarter. J. Safra Sarasin Holding AG now owns 50,446 shares of the company's stock valued at $16,776,000 after buying an additional 30,890 shares in the last quarter.

Ferrari Stock Down 1.3%

Shares of Ferrari stock opened at $371.80 on Tuesday. The stock's fifty day moving average is $357.08 and its 200-day moving average is $352.46. The firm has a market capitalization of $86.98 billion, a PE ratio of 35.68, a price-to-earnings-growth ratio of 3.23 and a beta of 0.92. The company has a quick ratio of 4.08, a current ratio of 5.20 and a debt-to-equity ratio of 0.72. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $519.10.

Analyst Ratings Changes

Several brokerages have commented on RACE. Wolfe Research assumed coverage on shares of Ferrari in a research report on Tuesday, July 7th. They issued an "outperform" rating on the stock. Morgan Stanley upgraded shares of 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 research report on Monday, June 15th. 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 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. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Ferrari in a research note on Wednesday, July 8th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $471.97.

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.

Want to see what other hedge funds are holding RACE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ferrari N.V. (NYSE:RACE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.