Wells Fargo & Company MN Raises Position in Ferrari N.V. (RACE)
Wells Fargo & Company MN raised its holdings in shares of Ferrari N.V. (NYSE:RACE) by 3.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,098 shares of the company’s stock after buying an additional 3,305 shares during the period. Wells Fargo & Company MN owned about 0.05% of Ferrari N.V. worth $8,180,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in Ferrari N.V. by 124.2% during the second quarter. Bank of New York Mellon Corp now owns 811,847 shares of the company’s stock worth $69,836,000 after buying an additional 449,795 shares in the last quarter. FMR LLC boosted its holdings in Ferrari N.V. by 4.6% during the first quarter. FMR LLC now owns 126,742 shares of the company’s stock worth $9,424,000 after buying an additional 5,620 shares in the last quarter. Geode Capital Management LLC bought a new stake in Ferrari N.V. during the first quarter worth approximately $1,005,000. KCG Holdings Inc. bought a new stake in Ferrari N.V. during the first quarter worth approximately $356,000. Finally, Bank of America Corp DE boosted its holdings in Ferrari N.V. by 4.3% during the first quarter. Bank of America Corp DE now owns 896,521 shares of the company’s stock worth $66,665,000 after buying an additional 36,852 shares in the last quarter. Hedge funds and other institutional investors own 29.78% of the company’s stock.
A number of analysts recently weighed in on RACE shares. Morgan Stanley cut shares of 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. Zacks Investment Research upgraded shares of Ferrari N.V. from a “hold” rating to a “buy” rating and set a $112.00 target price for the company in a report on Saturday, July 22nd. UBS AG reaffirmed a “buy” rating and issued a $100.00 price objective (up previously from $92.00) on shares of Ferrari N.V. in a research note on Tuesday, July 11th. Bank of America Corporation reaffirmed a “buy” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Ferrari N.V. in a research note on Friday, June 16th. Finally, Berenberg Bank reaffirmed a “buy” rating on shares of Ferrari N.V. in a research note on Monday, August 14th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company. Ferrari N.V. has an average rating of “Hold” and a consensus price target of $101.75.
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Ferrari N.V. (RACE) opened at 112.60 on Friday. Ferrari N.V. has a 1-year low of $50.39 and a 1-year high of $118.10. The company has a 50-day moving average of $112.58 and a 200-day moving average of $93.49. The firm has a market cap of $21.28 billion, a price-to-earnings ratio of 36.74 and a beta of 1.70.
Ferrari N.V. (NYSE:RACE) last issued its earnings results on Wednesday, August 2nd. The company reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.13. Ferrari N.V. had a net margin of 14.43% and a return on equity of 128.49%. The firm had revenue of $1.01 billion during the quarter. Analysts predict that Ferrari N.V. will post $3.25 earnings per share for the current year.
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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