Cibc World Market Inc. Invests $11.53 Million in Ferrari N.V. $RACE

Cibc World Market Inc. purchased a new position in Ferrari N.V. (NYSE:RACE) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 31,137 shares of the company’s stock, valued at approximately $11,534,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. OMERS ADMINISTRATION Corp purchased a new position in shares of Ferrari during the second quarter valued at $6,501,000. Osmosis Investment Management UK Ltd acquired a new position in Ferrari in the second quarter worth approximately $1,200,000. Sanctuary Advisors LLC bought a new position in shares of Ferrari during the 2nd quarter valued at $3,556,000. Saranac Partners Ltd acquired a new position in Ferrari during the second quarter worth $289,000. Finally, First Nebraska Trust Co bought a new position in shares of Ferrari in the 2nd quarter valued at approximately $1,340,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. UBS Group dropped their price objective on Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Wolfe Research started coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an “outperform” rating for the company. Evercore reissued an “outperform” rating and set a $485.00 price target on shares of Ferrari in a report on Friday, July 31st. Sanford C. Bernstein raised their price objective on shares of Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Finally, Needham & Company LLC raised Ferrari to a “neutral” rating in a research note on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $477.15.

Ferrari Price Performance

Shares of RACE stock opened at $424.31 on Tuesday. The firm has a market capitalization of $99.27 billion, a price-to-earnings ratio of 39.39, a price-to-earnings-growth ratio of 3.75 and a beta of 0.91. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. The firm has a fifty day moving average of $385.77 and a 200-day moving average of $361.05. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the previous year, the business posted $2.38 EPS. Ferrari’s revenue for the quarter was up 8.4% on a year-over-year basis. On average, equities research analysts forecast that Ferrari N.V. will post 11.18 earnings per share for the current year.

Ferrari Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.