Evelyn Partners Investment Management LLP Trims Stock Holdings in Ferrari N.V. $RACE

Evelyn Partners Investment Management LLP decreased its holdings in shares of Ferrari N.V. (NYSE:RACE) by 30.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 46,583 shares of the company’s stock after selling 19,945 shares during the quarter. Evelyn Partners Investment Management LLP’s holdings in Ferrari were worth $15,773,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

Several brokerages have commented on RACE. UBS Group raised their target price on Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Morgan Stanley upgraded Ferrari from an “equal weight” rating to an “overweight” rating and upped 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 report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Sanford C. Bernstein restated an “outperform” rating on shares of Ferrari in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $471.97.

Ferrari Trading Up 5.5%

Shares of RACE stock opened at $380.09 on Tuesday. The company has a market capitalization of $88.92 billion, a PE ratio of 36.47, a price-to-earnings-growth ratio of 3.09 and a beta of 0.92. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $515.00. The business’s fifty day moving average is $361.11 and its 200 day moving average is $352.31. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20.

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.