Allspring Global Investments Holdings LLC Has $31.80 Million Holdings in Ferrari (NYSE:RACE)

Allspring Global Investments Holdings LLC lessened its stake in Ferrari (NYSE:RACE - Free Report) by 55.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,634 shares of the company's stock after selling 84,670 shares during the period. Allspring Global Investments Holdings LLC's holdings in Ferrari were worth $31,795,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in RACE. Raymond James & Associates raised its holdings in shares of Ferrari by 1.4% in the 3rd quarter. Raymond James & Associates now owns 50,940 shares of the company's stock worth $23,948,000 after purchasing an additional 693 shares in the last quarter. First Citizens Bank & Trust Co. grew its position in Ferrari by 24.5% in the third quarter. First Citizens Bank & Trust Co. now owns 980 shares of the company's stock worth $461,000 after buying an additional 193 shares during the last quarter. Marshall Financial Group LLC increased its holdings in shares of Ferrari by 1.1% in the third quarter. Marshall Financial Group LLC now owns 2,732 shares of the company's stock valued at $1,284,000 after buying an additional 30 shares in the last quarter. Bleakley Financial Group LLC lifted its position in shares of Ferrari by 2.9% during the 3rd quarter. Bleakley Financial Group LLC now owns 3,408 shares of the company's stock valued at $1,601,000 after acquiring an additional 97 shares during the last quarter. Finally, Good Life Advisors LLC boosted its stake in shares of Ferrari by 3.2% during the 3rd quarter. Good Life Advisors LLC now owns 1,097 shares of the company's stock worth $516,000 after acquiring an additional 34 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RACE shares. StockNews.com downgraded Ferrari from a "buy" rating to a "hold" rating in a report on Wednesday, October 16th. Morgan Stanley upped their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an "overweight" rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. upgraded shares of Ferrari from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI raised their price objective on shares of Ferrari from $475.00 to $565.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Barclays upgraded Ferrari from an "equal weight" rating to an "overweight" rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $502.14.

Ferrari Price Performance

Shares of NYSE:RACE opened at $482.44 on Thursday. The firm has a market cap of $89.13 billion, a price-to-earnings ratio of 61.61, a P/E/G ratio of 5.12 and a beta of 0.99. Ferrari has a 1 year low of $296.34 and a 1 year high of $498.23. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The business has a fifty day simple moving average of $472.13 and a 200 day simple moving average of $436.82.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the firm posted $1.99 EPS. The business's revenue was up 16.1% compared to the same quarter last year. As a group, sell-side analysts predict that Ferrari will post 8.65 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.