Sycomore Asset Management raised its stake in Ferrari NV (NYSE:RACE) by 48.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,689 shares of the company’s stock after buying an additional 9,689 shares during the quarter. Ferrari accounts for about 2.4% of Sycomore Asset Management’s holdings, making the stock its 15th biggest position. Sycomore Asset Management’s holdings in Ferrari were worth $4,586,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Ferrari by 10.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,880 shares of the company’s stock worth $6,000,000 after acquiring an additional 3,630 shares in the last quarter. Coastal Investment Advisors Inc. boosted its holdings in shares of Ferrari by 3.9% during the 3rd quarter. Coastal Investment Advisors Inc. now owns 3,160 shares of the company’s stock worth $484,000 after buying an additional 120 shares during the period. San Francisco Sentry Investment Group CA boosted its holdings in shares of Ferrari by 2.1% during the 3rd quarter. San Francisco Sentry Investment Group CA now owns 5,523 shares of the company’s stock worth $851,000 after buying an additional 116 shares during the period. Baskin Financial Services Inc. boosted its holdings in shares of Ferrari by 9.4% during the 3rd quarter. Baskin Financial Services Inc. now owns 103,661 shares of the company’s stock worth $15,973,000 after buying an additional 8,917 shares during the period. Finally, Nisa Investment Advisors LLC bought a new stake in shares of Ferrari during the 3rd quarter worth $1,019,000. Hedge funds and other institutional investors own 36.44% of the company’s stock.
Several research firms recently issued reports on RACE. Bank of America upped their price objective on shares of Ferrari from $150.00 to $225.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Zacks Investment Research raised shares of Ferrari from a “sell” rating to a “hold” rating in a report on Thursday. Morgan Stanley set a $175.00 target price on shares of Ferrari and gave the company a “buy” rating in a research note on Wednesday, September 4th. Goldman Sachs Group upgraded shares of Ferrari from a “neutral” rating to a “buy” rating and set a $182.00 target price for the company in a research note on Tuesday, August 13th. Finally, UBS Group upped their target price on shares of Ferrari from $160.00 to $187.00 and gave the company a “buy” rating in a research note on Wednesday, July 3rd. They noted that the move was a valuation call. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $173.29.
NYSE:RACE traded down $0.13 during trading hours on Monday, hitting $155.72. 9,099 shares of the company traded hands, compared to its average volume of 381,429. The stock has a market capitalization of $29.78 billion, a price-to-earnings ratio of 38.70, a P/E/G ratio of 2.35 and a beta of 1.34. Ferrari NV has a twelve month low of $93.85 and a twelve month high of $170.54. The firm has a 50-day moving average of $154.15 and a 200 day moving average of $151.97. The company has a current ratio of 3.77, a quick ratio of 3.20 and a debt-to-equity ratio of 1.48.
Ferrari (NYSE:RACE) last announced its quarterly earnings data on Friday, August 2nd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.06. Ferrari had a net margin of 23.42% and a return on equity of 50.99%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Equities research analysts predict that Ferrari NV will post 4.09 earnings per share for the current fiscal year.
Ferrari Company Profile
Ferrari N.V., through with its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hypercars; Fuori series, one-off, and track cars; and Icona cars. It also provides non-registered racing cars; and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
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