Russell Investments Group Ltd. Decreases Holdings in Ferrari (NYSE:RACE)

Russell Investments Group Ltd. lowered its position in Ferrari (NYSE:RACE) by 28.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,908 shares of the company’s stock after selling 60,297 shares during the quarter. Russell Investments Group Ltd.’s holdings in Ferrari were worth $48,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Norges Bank purchased a new position in shares of Ferrari in the fourth quarter worth about $354,547,000. Bank of New York Mellon Corp increased its stake in Ferrari by 176.8% in the 1st quarter. Bank of New York Mellon Corp now owns 1,548,201 shares of the company’s stock worth $419,470,000 after purchasing an additional 988,830 shares during the period. William Blair Investment Management LLC bought a new stake in Ferrari in the first quarter valued at approximately $203,140,000. Bank of America Corp DE lifted its position in Ferrari by 139.6% in the first quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock valued at $254,563,000 after purchasing an additional 547,356 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Ferrari by 39.0% during the first quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock valued at $468,275,000 after purchasing an additional 484,782 shares during the period.

Ferrari Trading Up 1.5 %

RACE stock opened at $359.37 on Friday. Ferrari has a fifty-two week low of $209.88 and a fifty-two week high of $359.43. The business’s 50 day moving average price is $310.01 and its two-hundred day moving average price is $308.18. The company has a current ratio of 3.98, a quick ratio of 3.08 and a debt-to-equity ratio of 0.89.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Jefferies Financial Group lifted their target price on shares of Ferrari from $275.00 to $300.00 and gave the stock a “hold” rating in a research note on Friday, August 25th. StockNews.com started coverage on shares of Ferrari in a research report on Thursday, October 5th. They issued a “buy” rating on the stock. Morgan Stanley increased their target price on shares of Ferrari from $340.00 to $350.00 and gave the stock an “overweight” rating in a report on Friday, November 3rd. Evercore ISI initiated coverage on Ferrari in a report on Tuesday, November 7th. They set an “outperform” rating and a $375.00 price target on the stock. Finally, Sanford C. Bernstein increased their price objective on Ferrari from $250.00 to $300.00 and gave the stock a “market perform” rating in a report on Friday, August 18th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $311.69.

Ferrari Profile

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.