Ferrari (NYSE:RACE) Shares Acquired by Public Sector Pension Investment Board

Public Sector Pension Investment Board increased its stake in shares of Ferrari (NYSE:RACE) by 23.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,365 shares of the company’s stock after acquiring an additional 12,411 shares during the period. Public Sector Pension Investment Board’s holdings in Ferrari were worth $30,617,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Rothschild Investment LLC acquired a new stake in shares of Ferrari during the 2nd quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Ferrari during the third quarter worth $29,000. Planning Capital Management Corp acquired a new stake in Ferrari during the third quarter valued at $30,000. Valley Wealth Managers Inc. purchased a new position in Ferrari in the second quarter valued at $33,000. Finally, Ashton Thomas Securities LLC acquired a new position in shares of Ferrari in the third quarter worth about $33,000.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RACE. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Evercore ISI lifted their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. UBS Group raised their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley boosted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Price Performance

Shares of NYSE:RACE opened at $431.57 on Thursday. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. The business has a fifty day moving average of $460.57 and a two-hundred day moving average of $443.15. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. Ferrari’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.98 earnings per share. As a group, sell-side analysts predict that Ferrari will post 8.66 EPS for the current fiscal year.

About Ferrari

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.