Allspring Global Investments Holdings LLC Reduces Position in Ferrari (NYSE:RACE)

Allspring Global Investments Holdings LLC decreased its stake in shares of Ferrari (NYSE:RACE) by 92.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,357 shares of the company’s stock after selling 62,277 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Ferrari were worth $2,278,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. purchased a new position in Ferrari during the third quarter worth $29,000. Hanson & Doremus Investment Management purchased a new position in Ferrari during the fourth quarter worth $26,000. Planning Capital Management Corp purchased a new position in Ferrari during the third quarter worth $30,000. Ashton Thomas Securities LLC purchased a new position in Ferrari during the third quarter worth $33,000. Finally, Hobbs Group Advisors LLC purchased a new position in Ferrari during the third quarter worth $47,000.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. UBS Group raised their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a report on Thursday, February 6th. They set a “hold” rating on the stock. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a report on Wednesday, February 5th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

Shares of Ferrari stock opened at $503.88 on Friday. Ferrari has a twelve month low of $399.27 and a twelve month high of $508.20. The stock has a market capitalization of $122.82 billion, a P/E ratio of 55.07, a PEG ratio of 4.37 and a beta of 0.95. 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 business’s fifty day moving average price is $444.58 and its 200 day moving average price is $454.68.

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.