NewEdge Wealth LLC Decreases Stake in Ferrari N.V. $RACE

NewEdge Wealth LLC cut its holdings in shares of Ferrari N.V. (NYSE:RACE) by 9.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,762 shares of the company’s stock after selling 1,586 shares during the quarter. NewEdge Wealth LLC’s holdings in Ferrari were worth $5,334,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. First Trust Advisors LP lifted its stake in Ferrari by 1.2% in the 1st quarter. First Trust Advisors LP now owns 4,626 shares of the company’s stock worth $1,567,000 after purchasing an additional 55 shares in the last quarter. DJE Kapital AG grew its position in shares of Ferrari by 1.3% in the first quarter. DJE Kapital AG now owns 17,574 shares of the company’s stock valued at $5,811,000 after purchasing an additional 226 shares in the last quarter. Madison Asset Management LLC increased its holdings in shares of Ferrari by 32.5% in the first quarter. Madison Asset Management LLC now owns 5,122 shares of the company’s stock valued at $1,734,000 after purchasing an additional 1,255 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Ferrari in the first quarter valued at approximately $94,000. Finally, Hollencrest Capital Management lifted its position in Ferrari by 41.7% during the first quarter. Hollencrest Capital Management now owns 340 shares of the company’s stock worth $115,000 after buying an additional 100 shares in the last quarter.

Ferrari Trading Down 3.2%

NYSE RACE opened at $359.82 on Friday. The firm’s 50-day moving average is $359.23 and its two-hundred day moving average is $352.39. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $519.10. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08. The stock has a market capitalization of $84.18 billion, a P/E ratio of 34.53, a PEG ratio of 3.19 and a beta of 0.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RACE shares. Sanford C. Bernstein reissued an “outperform” rating on shares of Ferrari in a research note on Tuesday, June 2nd. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $388.00 to $438.00 in a research report on Monday, June 15th. Wolfe Research began coverage on shares of Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating for the company. Finally, UBS Group lifted their target price on shares of Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $471.97.

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.