Thornburg Investment Management Inc. Sells 16,297 Shares of Ferrari N.V. $RACE

Key Points

• Thornburg Investment Management reduced its Ferrari stake by 17% in the second quarter, selling 16,297 shares and retaining 79,745 shares valued at approximately $29.7 million.
• Analysts maintain a favorable outlook, with Ferrari receiving a consensus “Moderate Buy” rating and an average price target of $477.15. Recent target changes included UBS lowering its target to $490, while Bernstein raised its target to $460.
• Ferrari exceeded quarterly expectations, reporting EPS of $2.99 versus $2.83 expected and revenue of $2.21 billion, up 8.4% year over year. Shares opened at $420.86, while the company’s premium brand continues to benefit from strong exclusivity and pricing power.

Thornburg Investment Management Inc. trimmed its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 17.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 79,745 shares of the company's stock after selling 16,297 shares during the quarter. Thornburg Investment Management Inc.'s holdings in Ferrari were worth $29,688,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Benjamin Edwards Inc. grew its holdings in shares of Ferrari by 3.7% during the second quarter. Benjamin Edwards Inc. now owns 613 shares of the company's stock valued at $299,000 after buying an additional 22 shares during the last quarter. Pacific Sun Financial Corp raised its holdings in Ferrari by 2.5% in the 3rd quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company's stock worth $489,000 after acquiring an additional 25 shares during the last quarter. Horizon Investments LLC raised its holdings in Ferrari by 33.3% in the 3rd quarter. Horizon Investments LLC now owns 104 shares of the company's stock worth $50,000 after acquiring an additional 26 shares during the last quarter. Evergreen Capital Management LLC lifted its position in Ferrari by 1.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company's stock valued at $946,000 after acquiring an additional 26 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Ferrari by 14.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company's stock valued at $108,000 after acquiring an additional 28 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Wolfe Research began coverage on Ferrari in a report on Tuesday, July 7th. They issued an "outperform" rating for the company. Citigroup reaffirmed a "neutral" rating on shares of Ferrari in a report on Monday, August 3rd. Evercore reaffirmed an "outperform" rating and set a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. UBS Group reduced their price objective on Ferrari from $497.00 to $490.00 and set a "buy" rating for the company in a report on Friday, July 31st. Finally, Sanford C. Bernstein boosted their target price on Ferrari from $402.00 to $460.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $477.15.

Ferrari Trading Up 1.6%

Shares of RACE stock opened at $420.86 on Friday. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49. The stock has a market capitalization of $98.46 billion, a P/E ratio of 39.07, a P/E/G ratio of 3.62 and a beta of 0.91. The firm's 50 day moving average is $390.23 and its 200 day moving average is $363.15.

Ferrari (NYSE:RACE - Get Free Report) last announced its earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company's quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.38 EPS. Research analysts expect that Ferrari N.V. will post 11.18 earnings per share for the current year.

Trending Headlines about Ferrari

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari is reportedly preparing to introduce its upgraded ADUO F1 power unit at the Italian Grand Prix in Monza. A successful upgrade could improve Ferrari’s competitiveness, generate valuable publicity and support the brand’s marketing platform. Ferrari makes crucial upgraded F1 engine decision for Italian GP Ferrari ready to fire up ADUO engine upgrade at Monza
• Positive Sentiment: Ferrari unveiled special Michael Schumacher-inspired race suits and a commemorative livery for its home race at Monza, with Lewis Hamilton expected to participate in the tribute. The initiative reinforces Ferrari’s heritage and fan engagement, potentially supporting its premium-brand appeal and merchandise exposure. Ferrari unveils Michael Schumacher race suits for F1 Italian GP
• Positive Sentiment: An American billionaire reportedly paid $40 million for Ferrari’s first Luce electric vehicle, far above its estimated $1.1 million presale price. Although the tax savings benefit the buyer rather than Ferrari directly, the transaction highlights exceptional pricing power, exclusivity and demand for Ferrari’s limited-production vehicles. American billionaire bought the first Ferrari Luce
• Neutral Sentiment: Ferrari’s Formula 1 leadership identified performance goals after reportedly strong pace at Zandvoort, while a new active-bodywork patent points to possible future hypercar innovation. These developments support the long-term brand narrative but have no confirmed near-term financial impact. Ferrari's New Active Bodywork Patent
• Negative Sentiment: A high-value Ferrari race car was reportedly involved in a track-day crash. The incident appears isolated and is unlikely to materially affect Ferrari N.V.’s earnings, though it creates limited negative publicity.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source