Bessemer Group Inc. Lowers Stock Holdings in Ferrari N.V. $RACE

Bessemer Group Inc. lowered its stake in Ferrari N.V. (NYSE:RACE) by 95.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 260 shares of the company’s stock after selling 4,943 shares during the period. Bessemer Group Inc.’s holdings in Ferrari were worth $88,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Deutsche Bank AG lifted its stake in shares of Ferrari by 3.9% in the fourth quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after purchasing an additional 36,670 shares during the period. HighTower Advisors LLC boosted its holdings in Ferrari by 94.4% during the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock worth $9,284,000 after buying an additional 12,175 shares in the last quarter. Vanguard Group Inc. grew its position in Ferrari by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock worth $1,937,388,000 after buying an additional 58,506 shares during the period. Baer Investment Advisory LLC acquired a new position in Ferrari during the fourth quarter worth about $1,970,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Ferrari by 716.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,487 shares of the company’s stock valued at $3,136,000 after buying an additional 7,448 shares in the last quarter.

Analyst Ratings Changes

RACE has been the subject of a number of research reports. UBS Group lifted their price target on shares of Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Jefferies Financial Group upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Finally, Morgan Stanley upgraded Ferrari from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $388.00 to $438.00 in a research report on Monday, June 15th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $471.97.

Ferrari Stock Up 5.5%

RACE stock opened at $380.09 on Tuesday. 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 company’s 50 day simple moving average is $361.11 and its 200-day simple moving average is $352.31. Ferrari N.V. has a 12 month low of $312.51 and a 12 month high of $515.00. The firm has a market capitalization of $88.92 billion, a PE ratio of 36.47, a P/E/G ratio of 3.09 and a beta of 0.92.

Ferrari 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.