LGT Fund Management Co Ltd. Lowers Stock Holdings in Ferrari N.V. $RACE

LGT Fund Management Co Ltd. lowered its stake in Ferrari N.V. (NYSE:RACE) by 63.2% during the first quarter, HoldingsChannel reports. The firm owned 2,117 shares of the company’s stock after selling 3,630 shares during the quarter. LGT Fund Management Co Ltd.’s holdings in Ferrari were worth $716,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Benjamin Edwards Inc. lifted its holdings in shares of Ferrari by 3.7% during the second quarter. Benjamin Edwards Inc. now owns 613 shares of the company’s stock worth $299,000 after purchasing an additional 22 shares during the period. Pacific Sun Financial Corp grew its position in Ferrari by 2.5% in the 3rd quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company’s stock valued at $489,000 after buying an additional 25 shares during the last quarter. Horizon Investments LLC increased its stake in Ferrari by 33.3% in the 3rd quarter. Horizon Investments LLC now owns 104 shares of the company’s stock valued at $50,000 after buying an additional 26 shares during the period. Evergreen Capital Management LLC raised its position in Ferrari by 1.4% during the 2nd quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company’s stock worth $946,000 after buying an additional 26 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ferrari by 14.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company’s stock worth $108,000 after buying an additional 28 shares during the last quarter.

Ferrari News Summary

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

Analysts Set New Price Targets

Several analysts have recently commented on RACE shares. Morgan Stanley upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. UBS Group increased their price target on shares of Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Wolfe Research initiated coverage on Ferrari in a report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research report on Wednesday. Finally, Jefferies Financial Group raised Ferrari from a “hold” rating to a “buy” rating in a research note on Tuesday, March 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $471.97.

Ferrari Stock Up 0.0%

RACE stock opened at $376.78 on Monday. The company has a market cap of $88.15 billion, a P/E ratio of 36.16, a P/E/G ratio of 3.23 and a beta of 0.92. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $519.10. The company’s 50-day moving average price is $352.36 and its 200 day moving average price is $352.48. The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72.

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.