Ferrari N.V. (RACE) Stake Boosted by Zions Bancorporation
Zions Bancorporation grew its position in shares of Ferrari N.V. (NYSE:RACE) by 25,260.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,536 shares of the company’s stock after acquiring an additional 2,526 shares during the period. Zions Bancorporation’s holdings in Ferrari were worth $280,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Aviance Capital Management LLC purchased a new position in shares of Ferrari during the second quarter valued at about $130,000. Quadrant Capital Group LLC increased its position in shares of Ferrari by 1.2% during the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock valued at $162,000 after buying an additional 24 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Ferrari by 6.6% during the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock valued at $165,000 after buying an additional 119 shares during the period. Cornerstone Advisors Inc. increased its position in shares of Ferrari by 678.6% during the third quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock valued at $169,000 after buying an additional 1,330 shares during the period. Finally, IFP Advisors Inc increased its position in shares of Ferrari by 90.9% during the third quarter. IFP Advisors Inc now owns 1,569 shares of the company’s stock valued at $173,000 after buying an additional 747 shares during the period. 31.86% of the stock is owned by hedge funds and other institutional investors.
RACE has been the topic of several research analyst reports. Berenberg Bank reiterated a “buy” rating on shares of Ferrari in a research report on Monday, August 14th. Evercore ISI boosted their price target on shares of Ferrari from $46.00 to $105.00 and gave the company an “in-line” rating in a research report on Friday, September 1st. Morgan Stanley cut shares of Ferrari from an “overweight” rating to an “underweight” rating and set a $100.00 price target on the stock. in a research report on Thursday, September 7th. Goldman Sachs Group initiated coverage on shares of Ferrari in a research report on Wednesday, September 13th. They set a “neutral” rating and a $131.00 price target on the stock. Finally, TheStreet upgraded shares of Ferrari from a “c” rating to a “b-” rating in a research report on Friday, October 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $114.71.
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Ferrari Company Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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