National Bank of Canada FI Cuts Holdings in Ferrari N.V. (NYSE:RACE)

Key Points

• National Bank of Canada FI reduced its holdings in Ferrari N.V. by 21.1%, owning 4,449 shares worth $1,906,000 after selling 1,189 shares in the first quarter.
• Goldman Sachs and other institutional investors significantly increased their stakes in Ferrari, with Goldman Sachs growing its holdings by 52.3% to 2,277,115 shares valued at $974.3 million.
• Ferrari reported earnings of $2.70 per share for the last quarter, exceeding expectations and demonstrating a 4.4% year-over-year revenue increase with total revenue of $2.12 billion.

National Bank of Canada FI trimmed its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,449 shares of the company's stock after selling 1,189 shares during the quarter. National Bank of Canada FI's holdings in Ferrari were worth $1,906,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RACE. Goldman Sachs Group Inc. grew its holdings in Ferrari by 52.3% in the first quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock worth $974,332,000 after purchasing an additional 781,587 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Ferrari by 49.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock worth $763,125,000 after purchasing an additional 594,547 shares during the last quarter. Vanguard Group Inc. grew its holdings in Ferrari by 8.1% in the first quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock worth $2,165,683,000 after purchasing an additional 377,929 shares during the last quarter. Citigroup Inc. grew its holdings in Ferrari by 155.1% in the first quarter. Citigroup Inc. now owns 269,862 shares of the company's stock worth $115,469,000 after purchasing an additional 164,092 shares during the last quarter. Finally, Banco Santander S.A. grew its holdings in Ferrari by 35.3% in the first quarter. Banco Santander S.A. now owns 560,999 shares of the company's stock worth $240,040,000 after purchasing an additional 146,279 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a report on Monday, August 4th. Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Citigroup reaffirmed a "sell" rating on shares of Ferrari in a report on Monday. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research note on Thursday, July 31st. Finally, UBS Group lifted their price objective on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Ferrari presently has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Trading Up 3.0%

NYSE:RACE opened at $464.68 on Friday. The company has a market capitalization of $112.63 billion, a P/E ratio of 47.96, a PEG ratio of 4.88 and a beta of 1.09. The firm has a fifty day simple moving average of $478.28 and a 200-day simple moving average of $465.62. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The firm's quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.29 earnings per share. On average, equities research analysts anticipate that Ferrari N.V. will post 9.22 earnings per share for the current year.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.

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