Pittenger & Anderson Inc. Acquires 3,116 Shares of Ferrari N.V. $RACE

Key Points

• Pittenger & Anderson Inc. sharply increased its Ferrari stake in the first quarter, buying 3,116 additional shares and lifting holdings to 3,288 shares valued at about $1.11 million.
• Other major institutions also boosted exposure to Ferrari, including large purchases and position increases from firms such as Norges Bank, Groupama Asset Management, Morgan Stanley, and Viking Global Investors.
• Ferrari’s stock was trading around $376.78, and recent analyst activity has been mostly positive, with several firms raising ratings or price targets and a consensus view of Moderate Buy.

Pittenger & Anderson Inc. boosted its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 1,811.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,288 shares of the company's stock after buying an additional 3,116 shares during the quarter. Pittenger & Anderson Inc.'s holdings in Ferrari were worth $1,113,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Norges Bank bought a new stake in Ferrari during the 4th quarter valued at $779,894,000. Groupama Asset Managment raised its position in shares of Ferrari by 5.7% in the 3rd quarter. Groupama Asset Managment now owns 16,990,621 shares of the company's stock worth $8,244,189,000 after acquiring an additional 916,821 shares in the last quarter. Ninety One UK Ltd purchased a new stake in shares of Ferrari during the 4th quarter worth $338,785,000. Morgan Stanley lifted its stake in shares of Ferrari by 43.4% during the 4th quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock worth $941,109,000 after purchasing an additional 771,039 shares during the last quarter. Finally, Viking Global Investors LP boosted its position in Ferrari by 432.7% during the second quarter. Viking Global Investors LP now owns 721,269 shares of the company's stock valued at $353,526,000 after purchasing an additional 585,872 shares in the last quarter.

Ferrari Trading Up 0.0%

Shares of Ferrari stock opened at $376.78 on Monday. The company has a current ratio of 5.20, a quick ratio of 4.08 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. The firm has a market capitalization of $88.15 billion, a price-to-earnings ratio of 36.16, a PEG ratio of 3.23 and a beta of 0.92. The firm's 50 day simple moving average is $352.36 and its two-hundred day simple moving average is $352.48.

Key Headlines Impacting 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 Upgrades and Downgrades

RACE has been the topic of several analyst reports. Wolfe Research began coverage on Ferrari in a research note on Tuesday, July 7th. They issued an "outperform" rating on the stock. Jefferies Financial Group upgraded shares of Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. Weiss Ratings restated a "hold (c)" rating on shares of Ferrari in a report on Wednesday. Morgan Stanley upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. Finally, UBS Group increased their target price on shares of Ferrari from $483.00 to $497.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.

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.