Ferrari N.V. $RACE Shares Sold by LGT Fund Management Co Ltd.

Key Points

• LGT Fund Management cut its Ferrari stake by 63.2% in the first quarter, selling 3,630 shares and leaving it with 2,117 shares valued at about $716,000.
• Ferrari shares were trading around $376.78, with the company carrying a $88.15 billion market cap and a price-to-earnings ratio of 36.16.
• Analyst sentiment remains constructive: several firms raised targets or upgraded ratings, and Ferrari now has a consensus rating of Moderate Buy with a consensus price target of $471.97.

LGT Fund Management Co Ltd. lowered its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 63.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,117 shares of the company's stock after selling 3,630 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Ferrari were worth $716,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in RACE. Benjamin Edwards Inc. lifted its stake in Ferrari by 3.7% during the second quarter. Benjamin Edwards Inc. now owns 613 shares of the company's stock worth $299,000 after purchasing an additional 22 shares during the last quarter. Pacific Sun Financial Corp increased its stake in Ferrari by 2.5% in the third quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company's stock valued at $489,000 after purchasing an additional 25 shares during the last quarter. Horizon Investments LLC increased its stake in Ferrari by 33.3% in the third quarter. Horizon Investments LLC now owns 104 shares of the company's stock valued at $50,000 after purchasing an additional 26 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in Ferrari by 1.4% during the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company's stock worth $946,000 after purchasing an additional 26 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Ferrari by 14.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company's stock worth $108,000 after buying an additional 28 shares during the last quarter.

Ferrari Stock Up 0.0%

Shares of NYSE:RACE opened at $376.78 on Monday. 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. The stock has a market cap of $88.15 billion, a P/E ratio of 36.16, a P/E/G ratio of 3.23 and a beta of 0.92. The firm has a fifty day moving average price of $352.36 and a 200 day moving average price of $352.48.

Trending Headlines about Ferrari

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Mercedes boss Toto Wolff said Ferrari could challenge Mercedes for the rest of the F1 season, a comment that may boost sentiment around Ferrari’s competitive outlook and brand visibility. Toto Wolff warns Ferrari will challenge Mercedes for 'rest of the F1 season'
• Positive Sentiment: Ferrari’s Madrid track filming day and its data-gathering efforts ahead of rivals highlight ongoing F1 development, which can support enthusiasm around the team’s performance momentum. First look: Ferrari gives Madrid track its F1 debut on filming day Ferrari begins gathering what could be crucial data ahead of its F1 rivals
• Neutral Sentiment: Several articles covered Ferrari cars in drag races and enthusiast content, which may help brand exposure but is unlikely to materially affect the stock. Is the Ferrari Pista faster than the Ferrari F8 Tributo in drag race? Lamborghini Revuelto faces Ferrari 296 GTB in drag race
• Negative Sentiment: An article on Ferrari’s Austria engine upgrade said the race exposed problems the update could not fix, which could weigh on sentiment if investors view it as a sign of persistent performance issues in F1. Ferrari brought an engine upgrade to Austria - then the race exposed everything it could not fix
• Negative Sentiment: Coverage of a Ferrari race car crash at Watkins Glen and a classic Mini destroying a tuned Ferrari in a drag race may be mildly negative for brand optics, though likely limited in financial impact. Ferrari race car crash at Watkins Glen during 130 mph run Classic Mini Destroys Tuned Ferrari 488 In Wild Drag Race Battle

Analyst Ratings Changes

Several research analysts have recently issued reports on RACE shares. UBS Group upped their target price on shares of Ferrari from $483.00 to $497.00 and gave the company a "buy" rating in a report on Thursday, July 2nd. Sanford C. Bernstein reiterated an "outperform" rating on shares of Ferrari in a research note on Tuesday, June 2nd. Morgan Stanley raised shares of Ferrari from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Jefferies Financial Group upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Finally, Wolfe Research assumed coverage on Ferrari in a report on Tuesday, July 7th. They set an "outperform" rating on the stock. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Ferrari presently has a consensus rating of "Moderate Buy" and a consensus price target of $471.97.

Ferrari Company 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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