Angeles Investment Advisors LLC reduced its position in shares of Ferrari (NYSE:RACE) by 73.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 960 shares of the company’s stock after selling 2,670 shares during the period. Angeles Investment Advisors LLC’s holdings in Ferrari were worth $201,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in RACE. Baskin Financial Services Inc. raised its stake in shares of Ferrari by 5.6% in the first quarter. Baskin Financial Services Inc. now owns 126,678 shares of the company’s stock worth $26,511,000 after acquiring an additional 6,728 shares during the last quarter. Natixis Advisors L.P. raised its stake in shares of Ferrari by 37.3% in the first quarter. Natixis Advisors L.P. now owns 98,281 shares of the company’s stock worth $20,568,000 after acquiring an additional 26,718 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Ferrari by 7.1% in the first quarter. Bank of New York Mellon Corp now owns 415,387 shares of the company’s stock worth $86,933,000 after acquiring an additional 27,399 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Ferrari during the first quarter worth approximately $27,668,000. Finally, Legacy Wealth Asset Management LLC bought a new stake in shares of Ferrari during the fourth quarter worth approximately $582,000. 31.40% of the stock is owned by hedge funds and other institutional investors.
Shares of RACE stock traded up $0.19 during trading on Thursday, reaching $205.80. The company’s stock had a trading volume of 1,517 shares, compared to its average volume of 209,665. The firm’s fifty day moving average is $207.38. The company has a current ratio of 3.84, a quick ratio of 3.19 and a debt-to-equity ratio of 1.17. The stock has a market capitalization of $38.02 billion, a P/E ratio of 49.66, a price-to-earnings-growth ratio of 2.40 and a beta of 0.90. Ferrari has a one year low of $176.03 and a one year high of $233.66.
A number of research firms recently weighed in on RACE. UBS Group dropped their price target on shares of Ferrari from $247.00 to $238.00 and set a “buy” rating for the company in a research note on Tuesday, March 30th. The Goldman Sachs Group cut shares of Ferrari from a “buy” rating to a “sell” rating and set a $207.00 price objective for the company. in a report on Sunday, June 13th. Royal Bank of Canada restated an “outperform” rating on shares of Ferrari in a report on Thursday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Ferrari from $195.00 to $198.00 and gave the company a “neutral” rating in a report on Thursday, April 22nd. Finally, Bank of America decreased their price objective on shares of Ferrari from $287.00 to $281.00 and set a “buy” rating for the company in a report on Friday, July 16th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $231.78.
Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; one-off and track cars; and Icona cars. It also provides racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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