Corient Private Wealth LP Acquires New Position in Ferrari N.V. $RACE

Corient Private Wealth LP bought a new position in shares of Ferrari N.V. (NYSE:RACE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 144,070 shares of the company’s stock, valued at approximately $53,635,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Perennial Investment Advisors LLC acquired a new stake in shares of Ferrari during the second quarter valued at about $353,000. Bamco Inc. NY purchased a new position in shares of Ferrari during the 2nd quarter worth approximately $729,000. Bank of America Corp DE purchased a new position in shares of Ferrari during the 2nd quarter worth approximately $311,400,000. Strategic Global Advisors LLC acquired a new stake in Ferrari in the 2nd quarter valued at approximately $2,100,000. Finally, Freestone Grove Partners LP acquired a new stake in Ferrari in the 2nd quarter valued at approximately $10,603,000.

Ferrari Price Performance

Ferrari stock opened at $413.79 on Friday. The company has a market cap of $96.81 billion, a P/E ratio of 38.42, a price-to-earnings-growth ratio of 3.55 and a beta of 0.91. Ferrari N.V. has a one year low of $312.51 and a one year high of $504.49. The business has a fifty day moving average of $389.07 and a two-hundred day moving average of $362.74. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.16. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.38 EPS. As a group, analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on RACE shares. Wolfe Research initiated coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an “outperform” rating on the stock. Morgan Stanley reissued an “overweight” rating and issued a $442.00 price objective on shares of Ferrari in a research note on Friday, July 31st. Needham & Company LLC upgraded shares of Ferrari to a “neutral” rating in a report on Friday, July 31st. Evercore reaffirmed an “outperform” rating and set a $485.00 target price on shares of Ferrari in a research note on Friday, July 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a report on Wednesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $477.15.

Ferrari Company 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.