Allspring Global Investments Holdings LLC Cuts Stake in Ferrari (NYSE:RACE)

Allspring Global Investments Holdings LLC lowered its holdings in shares of Ferrari (NYSE:RACE) by 55.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 67,634 shares of the company’s stock after selling 84,670 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ferrari were worth $31,795,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Rothschild Investment LLC bought a new position in shares of Ferrari during the second quarter valued at about $29,000. Register Financial Advisors LLC purchased a new stake in Ferrari during the 1st quarter valued at about $33,000. Valley Wealth Managers Inc. bought a new position in Ferrari during the 2nd quarter worth approximately $33,000. Denver PWM LLC purchased a new position in Ferrari in the 2nd quarter worth approximately $35,000. Finally, Pittenger & Anderson Inc. lifted its position in Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after purchasing an additional 59 shares during the last quarter.

Ferrari Trading Up 0.8 %

RACE opened at $482.44 on Thursday. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 52 week low of $296.34 and a 52 week high of $498.23. The stock has a market cap of $89.13 billion, a PE ratio of 61.61, a PEG ratio of 5.12 and a beta of 0.99. The business has a 50 day moving average of $472.13 and a 200-day moving average of $436.82.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. Equities research analysts predict that Ferrari will post 8.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI upped their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $502.14.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.