Allspring Global Investments Holdings LLC Grows Stock Holdings in Ferrari N.V. $RACE

Allspring Global Investments Holdings LLC increased its position in shares of Ferrari N.V. (NYSE:RACEFree Report) by 4,639.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 176,030 shares of the company’s stock after purchasing an additional 172,316 shares during the period. Allspring Global Investments Holdings LLC owned 0.07% of Ferrari worth $65,468,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of RACE. J. Safra Sarasin Holding AG raised its stake in Ferrari by 10.9% in the fourth quarter. J. Safra Sarasin Holding AG now owns 19,556 shares of the company’s stock valued at $7,338,000 after buying an additional 1,916 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Ferrari by 49,260.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 7,404 shares of the company’s stock valued at $2,736,000 after acquiring an additional 7,389 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. increased its holdings in shares of Ferrari by 36.8% in the 4th quarter. Generali Investments CEE investicni spolecnost a.s. now owns 11,707 shares of the company’s stock valued at $4,380,000 after acquiring an additional 3,151 shares during the last quarter. Net Worth Advisory Group acquired a new stake in shares of Ferrari during the 4th quarter worth about $245,000. Finally, CoreCap Advisors LLC raised its position in shares of Ferrari by 70.0% during the 4th quarter. CoreCap Advisors LLC now owns 102 shares of the company’s stock worth $38,000 after acquiring an additional 42 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RACE. UBS Group lowered their price target on Ferrari from $563.00 to $555.00 and set a “buy” rating for the company in a report on Friday, January 9th. Morgan Stanley set a $420.00 price objective on shares of Ferrari in a report on Monday, February 16th. Zacks Research upgraded shares of Ferrari from a “strong sell” rating to a “hold” rating in a research report on Monday, February 2nd. Sanford C. Bernstein restated an “outperform” rating and issued a $410.00 target price on shares of Ferrari in a report on Wednesday, February 11th. Finally, HSBC reaffirmed a “hold” rating on shares of Ferrari in a research report on Tuesday, January 13th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Ferrari has an average rating of “Moderate Buy” and a consensus price target of $475.61.

Get Our Latest Stock Analysis on Ferrari

Ferrari News Roundup

Here are the key news stories impacting Ferrari this week:

Ferrari Trading Up 3.4%

NYSE:RACE opened at $338.40 on Wednesday. The company has a market capitalization of $79.17 billion, a PE ratio of 33.47, a P/E/G ratio of 3.19 and a beta of 0.97. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $519.10. The stock’s 50 day moving average price is $347.11 and its 200 day moving average price is $384.12. The company has a quick ratio of 4.38, a current ratio of 5.70 and a debt-to-equity ratio of 0.74.

Ferrari Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 21st will be issued a $3.615 dividend. This represents a dividend yield of 99.0%. The ex-dividend date of this dividend is Tuesday, April 21st. This is a positive change from Ferrari’s previous annual dividend of $3.13.

Ferrari Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Ferrari (NYSE:RACE)

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