Allspring Global Investments Holdings LLC Sells 62,277 Shares of Ferrari (NYSE:RACE)

Allspring Global Investments Holdings LLC lowered its position in Ferrari (NYSE:RACE - Free Report) by 92.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,357 shares of the company's stock after selling 62,277 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Ferrari were worth $2,278,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in RACE. Raymond James & Associates increased its stake in shares of Ferrari by 1.4% during the third quarter. Raymond James & Associates now owns 50,940 shares of the company's stock valued at $23,948,000 after acquiring an additional 693 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Ferrari by 1.2% during the third quarter. Sequoia Financial Advisors LLC now owns 4,362 shares of the company's stock valued at $2,051,000 after acquiring an additional 53 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Ferrari by 904.5% during the third quarter. Assenagon Asset Management S.A. now owns 110,565 shares of the company's stock valued at $51,968,000 after acquiring an additional 99,558 shares during the period. Dakota Wealth Management increased its stake in shares of Ferrari by 1.3% during the third quarter. Dakota Wealth Management now owns 39,656 shares of the company's stock valued at $18,643,000 after acquiring an additional 518 shares during the period. Finally, Ballentine Partners LLC increased its stake in shares of Ferrari by 16.3% during the third quarter. Ballentine Partners LLC now owns 1,673 shares of the company's stock valued at $786,000 after acquiring an additional 234 shares during the period.

Wall Street Analyst Weigh In

A number of research firms recently commented on RACE. UBS Group raised their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Barclays cut shares of Ferrari from an "overweight" rating to an "equal weight" rating in a report on Wednesday, February 5th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Ferrari in a research note on Thursday, February 6th. They issued a "hold" rating for the company. Finally, StockNews.com raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $507.14.

Ferrari Stock Down 0.8 %

RACE stock traded down $4.27 during midday trading on Friday, reaching $503.88. The company had a trading volume of 282,928 shares, compared to its average volume of 384,086. Ferrari has a 1 year low of $399.27 and a 1 year high of $508.20. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $122.82 billion, a P/E ratio of 55.07, a PEG ratio of 4.43 and a beta of 0.95. The company has a 50 day moving average of $444.58 and a two-hundred day moving average of $455.21.

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.