Sanctuary Advisors LLC Lowers Holdings in Ferrari N.V. $RACE

Key Points

• Sanctuary Advisors LLC cut its Ferrari stake by 23.3% in the first quarter, selling 3,163 shares and leaving it with 10,421 shares worth about $3.48 million.
• Several other hedge funds have been active in Ferrari, with large positions added or increased by firms including Norges Bank, Groupama Asset Managment, Morgan Stanley, and Viking Global Investors.
• Analyst sentiment remains constructive: Ferrari has a consensus rating of “Moderate Buy” with an average price target of $471.97, while recent upgrades came from Jefferies, UBS, and Morgan Stanley.

Sanctuary Advisors LLC reduced its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 23.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,421 shares of the company's stock after selling 3,163 shares during the period. Sanctuary Advisors LLC's holdings in Ferrari were worth $3,477,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in RACE. Norges Bank acquired a new position in shares of Ferrari in the fourth quarter worth $779,894,000. Groupama Asset Managment raised its stake in shares of Ferrari by 5.7% in the third quarter. Groupama Asset Managment now owns 16,990,621 shares of the company's stock valued at $8,244,189,000 after acquiring an additional 916,821 shares in the last quarter. Ninety One UK Ltd purchased a new position in Ferrari in the fourth quarter valued at $338,785,000. Morgan Stanley boosted its holdings in Ferrari by 43.4% in the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company's stock valued at $941,109,000 after purchasing an additional 771,039 shares during the period. Finally, Viking Global Investors LP grew its stake in Ferrari by 432.7% during the 2nd quarter. Viking Global Investors LP now owns 721,269 shares of the company's stock worth $353,526,000 after purchasing an additional 585,872 shares in the last quarter.

Ferrari Stock Performance

NYSE:RACE opened at $377.68 on Monday. Ferrari N.V. has a 12 month low of $312.51 and a 12 month 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 firm has a market capitalization of $88.36 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 3.23 and a beta of 0.92. The business's fifty day moving average price is $356.23 and its 200 day moving average price is $352.46.

Analyst Ratings Changes

Several brokerages have weighed in on RACE. Jefferies Financial Group upgraded Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, March 31st. UBS Group boosted their price objective on Ferrari from $483.00 to $497.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Morgan Stanley upgraded shares of Ferrari from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Ferrari in a report on Wednesday, July 8th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Ferrari in a research note on Tuesday, June 2nd. Three investment 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. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $471.97.

Ferrari 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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