Manning & Napier Advisors LLC Sells 6,800 Shares of Ferrari N.V. $RACE

Manning & Napier Advisors LLC trimmed its position in Ferrari N.V. (NYSE:RACE) by 38.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,856 shares of the company’s stock after selling 6,800 shares during the period. Manning & Napier Advisors LLC’s holdings in Ferrari were worth $3,674,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of RACE. Deutsche Bank AG increased its holdings in shares of Ferrari by 3.9% during the fourth quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after acquiring an additional 36,670 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Ferrari by 94.4% during the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock worth $9,284,000 after buying an additional 12,175 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of Ferrari by 3.3% during the third quarter. CIBC Private Wealth Group LLC now owns 183,917 shares of the company’s stock worth $89,077,000 after buying an additional 5,958 shares during the period. Vanguard Group Inc. grew its holdings in shares of Ferrari by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after buying an additional 58,506 shares during the last quarter. Finally, Value Partners Investments Inc. grew its holdings in shares of Ferrari by 99.3% during the fourth quarter. Value Partners Investments Inc. now owns 20,072 shares of the company’s stock valued at $7,419,000 after buying an additional 10,000 shares during the last quarter.

Analysts Set New Price Targets

RACE has been the subject of a number of research analyst reports. UBS Group raised their target price on Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Wednesday. Sanford C. Bernstein reissued an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Wolfe Research started coverage on Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating for the company. Finally, Morgan Stanley upgraded Ferrari from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. 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. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $471.97.

Ferrari News Roundup

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

Ferrari Stock Performance

Shares of Ferrari stock traded up $2.11 during trading on Friday, hitting $376.78. 250,131 shares of the company’s stock were exchanged, compared to its average volume of 498,534. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The business has a 50-day simple moving average of $352.36 and a 200-day simple moving average of $352.64. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $519.10. The stock 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.

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.