Wedbush Securities Inc. Acquires New Position in Ferrari N.V. (RACE)
Wedbush Securities Inc. acquired a new stake in Ferrari N.V. (NYSE:RACE) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,458 shares of the company’s stock, valued at approximately $272,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. IFP Advisors Inc raised its stake in Ferrari N.V. by 90.9% in the 3rd quarter. IFP Advisors Inc now owns 1,569 shares of the company’s stock valued at $173,000 after purchasing an additional 747 shares during the last quarter. Westpac Banking Corp raised its stake in Ferrari N.V. by 351.5% in the 3rd quarter. Westpac Banking Corp now owns 51,610 shares of the company’s stock valued at $5,702,000 after purchasing an additional 40,178 shares during the last quarter. Rehmann Capital Advisory Group acquired a new position in Ferrari N.V. in the 3rd quarter valued at $263,000. Aperio Group LLC raised its stake in Ferrari N.V. by 5.5% in the 3rd quarter. Aperio Group LLC now owns 125,569 shares of the company’s stock valued at $13,873,000 after purchasing an additional 6,566 shares during the last quarter. Finally, Cornerstone Advisors Inc. raised its stake in Ferrari N.V. by 678.6% in the 3rd quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock valued at $169,000 after purchasing an additional 1,330 shares during the last quarter. 29.49% of the stock is owned by hedge funds and other institutional investors.
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Shares of Ferrari N.V. (RACE) opened at $117.25 on Tuesday. The stock has a market capitalization of $22,150.00 and a price-to-earnings ratio of 38.00. Ferrari N.V. has a twelve month low of $52.72 and a twelve month high of $121.14. The company has a quick ratio of 2.68, a current ratio of 3.26 and a debt-to-equity ratio of 2.77.
RACE has been the subject of several analyst reports. Zacks Investment Research cut Ferrari N.V. from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 11th. Berenberg Bank restated a “buy” rating on shares of Ferrari N.V. in a report on Monday, August 14th. Morgan Stanley cut Ferrari N.V. from an “overweight” rating to an “underweight” rating and set a $100.00 target price for the company. in a report on Thursday, September 7th. UBS AG restated a “buy” rating and issued a $125.00 target price (up from $100.00) on shares of Ferrari N.V. in a report on Thursday, August 3rd. Finally, Evercore ISI upped their target price on Ferrari N.V. from $46.00 to $105.00 and gave the company an “in-line” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $109.86.
Ferrari N.V. Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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