Ferrari N.V. $RACE Stock Position Lessened by Castleark Management LLC

Key Points

• Castleark Management cut its Ferrari position by 76.3% in the first quarter, selling 17,062 shares and retaining 5,290 shares valued at approximately $1.79 million.
• Analyst sentiment remains positive, with Ferrari holding a consensus “Moderate Buy” rating and an average price target of $471.97; UBS and Morgan Stanley recently raised their targets and ratings.
• Ferrari shares opened at $380.09, with a market capitalization of about $88.92 billion, a P/E ratio of 36.47, and a 52-week trading range of $312.51 to $515.00.

Castleark Management LLC trimmed its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 76.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,290 shares of the company's stock after selling 17,062 shares during the period. Castleark Management LLC's holdings in Ferrari were worth $1,790,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RACE. Fideuram Asset Management Ireland dac acquired a new stake in Ferrari in the fourth quarter worth about $29,000. Entrust Financial LLC acquired a new position in Ferrari during the 4th quarter valued at about $33,000. Bellevue Asset Management LLC bought a new stake in shares of Ferrari during the 1st quarter worth about $34,000. Bamco Inc. NY lifted its stake in shares of Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company's stock worth $36,000 after acquiring an additional 87 shares during the period. Finally, CoreCap Advisors LLC lifted its stake in shares of Ferrari by 70.0% in the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company's stock worth $38,000 after acquiring an additional 42 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. UBS Group upped their target price on Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Jefferies Financial Group upgraded Ferrari from a "hold" rating to a "buy" rating in a research report on Tuesday, March 31st. Sanford C. Bernstein restated an "outperform" rating on shares of Ferrari in a report on Tuesday, June 2nd. Finally, Morgan Stanley raised Ferrari from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $388.00 to $438.00 in a research note on Monday, June 15th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $471.97.

Ferrari Stock Up 5.5%

RACE stock opened at $380.09 on Tuesday. The company's 50 day simple moving average is $361.11 and its 200-day simple moving average is $352.31. The firm has a market capitalization of $88.92 billion, a P/E ratio of 36.47, a P/E/G ratio of 3.09 and a beta of 0.92. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $515.00. 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 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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