Kestra Advisory Services LLC Sells 2,843 Shares of Ferrari N.V. $RACE

Kestra Advisory Services LLC lessened its holdings in shares of Ferrari N.V. (NYSE:RACE) by 48.6% in the first quarter, according to its most recent filing with the SEC. The firm owned 3,006 shares of the company’s stock after selling 2,843 shares during the period. Kestra Advisory Services LLC’s holdings in Ferrari were worth $1,017,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC increased its position in shares of Ferrari by 94.4% in the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock valued at $9,284,000 after buying an additional 12,175 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Ferrari by 3.9% during the 4th quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after buying an additional 36,670 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after buying an additional 58,506 shares in the last quarter. Baer Investment Advisory LLC acquired a new stake in Ferrari in the 4th quarter valued at $1,970,000. Finally, China Universal Asset Management Co. Ltd. grew its stake in Ferrari by 716.8% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,487 shares of the company’s stock valued at $3,136,000 after acquiring an additional 7,448 shares during the period.

Analysts Set New Price Targets

A number of research firms have weighed in on RACE. UBS Group upped their price objective on shares of Ferrari from $483.00 to $497.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Morgan Stanley raised shares of 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 note on Monday, June 15th. Jefferies Financial Group upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Finally, Wolfe Research began coverage on shares of Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating on the stock. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and an average price target of $471.97.

Ferrari Trading Down 3.2%

Shares of RACE stock opened at $359.82 on Friday. The stock’s fifty day moving average is $359.23 and its two-hundred day moving average is $352.39. The company has a debt-to-equity ratio of 0.72, a quick ratio of 4.08 and a current ratio of 5.20. The firm has a market capitalization of $84.18 billion, a P/E ratio of 34.53, a PEG ratio of 3.19 and a beta of 0.92. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $519.10.

Ferrari Company 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.