SVB Wealth LLC Has $402,000 Stock Holdings in Ferrari (NYSE:RACE)

SVB Wealth LLC lowered its stake in Ferrari (NYSE:RACE) by 14.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 921 shares of the company’s stock after selling 158 shares during the period. SVB Wealth LLC’s holdings in Ferrari were worth $402,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Ferrari during the fourth quarter worth approximately $572,523,000. Capital International Investors grew its holdings in Ferrari by 314.3% in the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares in the last quarter. International Assets Investment Management LLC bought a new position in Ferrari during the 4th quarter worth $162,296,000. Alphinity Investment Management Pty Ltd lifted its holdings in shares of Ferrari by 73.7% during the fourth quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock worth $311,740,000 after buying an additional 392,401 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Ferrari by 6,024.9% in the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after acquiring an additional 374,691 shares during the period.

Analyst Ratings Changes

Several brokerages have weighed in on RACE. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Evercore ISI raised their price target on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. UBS Group upped their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Sanford C. Bernstein boosted their price objective on shares of Ferrari from $448.00 to $512.00 and gave the company an “outperform” rating in a research report on Thursday, April 18th. Finally, Bank of America raised their price objective on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Ferrari currently has a consensus rating of “Hold” and a consensus target price of $461.67.

Ferrari Stock Performance

RACE traded up $2.20 during midday trading on Tuesday, hitting $413.90. 53,962 shares of the company were exchanged, compared to its average volume of 267,981. The firm’s 50 day moving average price is $417.62 and its 200-day moving average price is $408.15. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. On average, research analysts predict that Ferrari will post 8.24 earnings per share for the current fiscal year.

About Ferrari

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.