Neuberger Berman Group LLC Sells 17,709 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Neuberger Berman Group LLC has reduced its stake in Ferrari N.V. by 21.1%, owning 66,125 shares worth approximately $28 million following the sale of 17,709 shares in Q1.
• Various institutional investors have made adjustments to their holdings in Ferrari, with Raymond James Financial Inc. acquiring a new position worth about $27.6 million in the previous quarter.
• Analysts have mixed ratings on Ferrari, with a consensus of "Moderate Buy" and an average price target of $526.25, despite some reports suggesting a "moderate sell" rating.

Neuberger Berman Group LLC reduced its position in Ferrari N.V. (NYSE:RACE - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 66,125 shares of the company's stock after selling 17,709 shares during the period. Neuberger Berman Group LLC's holdings in Ferrari were worth $28,041,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its holdings in shares of Ferrari by 52.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock valued at $974,332,000 after acquiring an additional 781,587 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock valued at $763,125,000 after acquiring an additional 594,547 shares during the last quarter. Nuveen LLC acquired a new position in shares of Ferrari during the 1st quarter valued at about $233,200,000. Marshall Wace LLP increased its holdings in shares of Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company's stock valued at $579,561,000 after acquiring an additional 520,337 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Ferrari by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock valued at $2,165,683,000 after acquiring an additional 377,929 shares during the last quarter.

Ferrari Stock Performance

Shares of RACE stock traded down $4.01 during mid-day trading on Friday, reaching $460.42. The stock had a trading volume of 314,075 shares, compared to its average volume of 585,004. The firm's 50 day simple moving average is $477.83 and its 200 day simple moving average is $465.82. The company has a quick ratio of 3.94, a current ratio of 5.09 and a debt-to-equity ratio of 0.89. Ferrari N.V. has a one year low of $391.54 and a one year high of $519.10. The firm has a market cap of $111.60 billion, a PE ratio of 47.52, a P/E/G ratio of 5.02 and a beta of 1.09.

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

Analysts Set New Price Targets

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

Ferrari Company Profile

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.