Glenmede Trust Co. NA Lowers Stock Holdings in Ferrari N.V. $RACE

Glenmede Trust Co. NA cut its holdings in shares of Ferrari N.V. (NYSE:RACE) by 64.3% during the first quarter, Holdings Channel reports. The firm owned 1,426 shares of the company’s stock after selling 2,564 shares during the quarter. Glenmede Trust Co. NA’s holdings in Ferrari were worth $483,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after purchasing an additional 58,506 shares in the last quarter. Amundi boosted its position in Ferrari by 11.1% in the 4th quarter. Amundi now owns 3,303,264 shares of the company’s stock valued at $1,220,754,000 after buying an additional 330,896 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Ferrari by 8.4% in the first quarter. Bank of New York Mellon Corp now owns 2,808,855 shares of the company’s stock worth $950,657,000 after acquiring an additional 218,830 shares in the last quarter. Morgan Stanley grew its stake in shares of Ferrari by 43.4% in the fourth quarter. Morgan Stanley now owns 2,546,564 shares of the company’s stock worth $941,109,000 after acquiring an additional 771,039 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Ferrari during the fourth quarter worth $779,894,000.

Ferrari Stock Performance

NYSE:RACE opened at $412.30 on Friday. The firm has a market capitalization of $96.46 billion, a PE ratio of 38.28, a price-to-earnings-growth ratio of 3.54 and a beta of 0.91. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The business’s fifty day moving average price is $371.74 and its 200 day moving average price is $354.71. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $504.49.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RACE. Evercore reiterated an “outperform” rating and issued a $485.00 price objective on shares of Ferrari in a research note on Friday, July 31st. UBS Group cut their price target on Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Citigroup reaffirmed a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. Wolfe Research began coverage on Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating for the company. Finally, Needham & Company LLC raised Ferrari to a “neutral” rating in a research report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $477.15.

About Ferrari

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.