Wetherby Asset Management Inc. raised its position in Ferrari NV (NYSE:RACE) by 8.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,375 shares of the company’s stock after purchasing an additional 491 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Ferrari were worth $1,035,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Rehmann Capital Advisory Group raised its position in Ferrari by 21.5% in the first quarter. Rehmann Capital Advisory Group now owns 1,050 shares of the company’s stock valued at $140,000 after purchasing an additional 186 shares during the last quarter. Greenleaf Trust bought a new position in shares of Ferrari during the first quarter worth about $245,000. Virtu Financial LLC raised its position in shares of Ferrari by 151.0% during the first quarter. Virtu Financial LLC now owns 5,353 shares of the company’s stock worth $716,000 after acquiring an additional 3,220 shares during the last quarter. Henry James International Management Inc. raised its position in shares of Ferrari by 51.4% during the first quarter. Henry James International Management Inc. now owns 53,963 shares of the company’s stock worth $7,220,000 after acquiring an additional 18,330 shares during the last quarter. Finally, Zweig DiMenna Associates LLC bought a new position in shares of Ferrari during the first quarter worth about $5,018,000. Hedge funds and other institutional investors own 35.94% of the company’s stock.
RACE has been the subject of a number of analyst reports. Morgan Stanley raised their price objective on Ferrari from $160.00 to $175.00 and gave the stock an “overweight” rating in a research report on Wednesday. Goldman Sachs Group restated a “neutral” rating and set a $168.00 price objective (up from $135.00) on shares of Ferrari in a research report on Monday, July 15th. Credit Suisse Group restated an “outperform” rating and set a $185.00 price objective (up from $158.00) on shares of Ferrari in a research report on Thursday, June 20th. HSBC downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Friday, April 26th. Finally, Evercore ISI upgraded Ferrari from an “in-line” rating to an “outperform” rating in a research report on Thursday, May 23rd. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Ferrari presently has an average rating of “Buy” and an average price target of $167.93.
RACE stock traded up $0.73 during mid-day trading on Wednesday, reaching $157.32. The company’s stock had a trading volume of 13,886 shares, compared to its average volume of 372,992. The company has a market capitalization of $30.13 billion, a P/E ratio of 39.13, a price-to-earnings-growth ratio of 2.41 and a beta of 1.34. The business’s 50 day moving average price is $164.06. The company has a debt-to-equity ratio of 1.39, a quick ratio of 3.67 and a current ratio of 4.27. Ferrari NV has a 12 month low of $93.85 and a 12 month high of $170.54.
Ferrari (NYSE:RACE) last issued its earnings results on Friday, August 2nd. The company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.03 by $0.06. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Ferrari had a return on equity of 50.86% and a net margin of 23.42%. Research analysts anticipate that Ferrari NV will post 4.03 earnings per share for the current fiscal year.
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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