Cambridge Investment Research Advisors Inc. Acquires New Position in Ferrari N.V. (RACE)
Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Ferrari N.V. (NYSE:RACE) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,522 shares of the company’s stock, valued at approximately $279,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Aviance Capital Management LLC purchased a new position in Ferrari during the second quarter worth approximately $130,000. Cornerstone Advisors Inc. raised its stake in Ferrari by 678.6% during the third quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock worth $169,000 after purchasing an additional 1,330 shares during the period. IFP Advisors Inc raised its stake in Ferrari by 90.9% during the third quarter. IFP Advisors Inc now owns 1,569 shares of the company’s stock worth $173,000 after purchasing an additional 747 shares during the period. PNC Financial Services Group Inc. raised its stake in Ferrari by 6.6% during the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock worth $165,000 after purchasing an additional 119 shares during the period. Finally, Quadrant Capital Group LLC raised its stake in Ferrari by 1.2% during the second quarter. Quadrant Capital Group LLC now owns 1,976 shares of the company’s stock worth $162,000 after purchasing an additional 24 shares during the period. 31.87% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have weighed in on the stock. UBS reaffirmed a “buy” rating and set a $125.00 price target (up previously from $100.00) on shares of Ferrari in a research note on Thursday, August 3rd. Goldman Sachs Group assumed coverage on shares of Ferrari in a research note on Wednesday, September 13th. They set a “neutral” rating and a $131.00 price target on the stock. Evercore ISI increased their price target on shares of Ferrari from $46.00 to $105.00 and gave the stock an “in-line” rating in a research note on Friday, September 1st. Berenberg Bank reaffirmed a “buy” rating on shares of Ferrari in a research note on Monday, August 14th. Finally, Zacks Investment Research downgraded shares of Ferrari from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 2nd. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Ferrari currently has an average rating of “Hold” and a consensus price target of $109.86.
Ferrari N.V. (NYSE:RACE) traded down $0.10 during trading on Wednesday, hitting $111.70. 491,700 shares of the stock traded hands, compared to its average volume of 580,561. Ferrari N.V. has a 52 week low of $53.82 and a 52 week high of $121.14. The firm has a market capitalization of $21,110.00 and a price-to-earnings ratio of 36.80. The company has a quick ratio of 2.68, a current ratio of 3.26 and a debt-to-equity ratio of 2.77.
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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