Ferrari N.V. $RACE Stock: Ninety One North America Inc. Boosts Holdings

Ninety One North America Inc. raised its holdings in Ferrari N.V. (NYSE:RACE) by 184.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 29,821 shares of the company’s stock after purchasing an additional 19,347 shares during the period. Ninety One North America Inc.’s holdings in Ferrari were worth $11,733,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in RACE. Strategy Asset Managers LLC acquired a new stake in shares of Ferrari during the 3rd quarter valued at about $210,000. Generate Investment Management Ltd raised its position in Ferrari by 45.9% in the third quarter. Generate Investment Management Ltd now owns 37,196 shares of the company’s stock worth $14,612,000 after purchasing an additional 11,707 shares in the last quarter. GAMMA Investing LLC raised its position in Ferrari by 55.3% in the third quarter. GAMMA Investing LLC now owns 146 shares of the company’s stock worth $57,000 after purchasing an additional 52 shares in the last quarter. Grove Bank & Trust lifted its stake in Ferrari by 51.5% during the third quarter. Grove Bank & Trust now owns 100 shares of the company’s stock worth $39,000 after purchasing an additional 34 shares during the period. Finally, Farther Finance Advisors LLC lifted its stake in Ferrari by 12.4% during the third quarter. Farther Finance Advisors LLC now owns 2,322 shares of the company’s stock worth $912,000 after purchasing an additional 257 shares during the period.

Analysts Set New Price Targets

RACE has been the topic of several analyst reports. Sanford C. Bernstein reiterated a “buy” rating on shares of Ferrari in a research note on Tuesday, September 29th. UBS Group cut their target price on Ferrari from $490.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Wolfe Research began coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Ferrari in a research note on Tuesday, September 29th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating on shares of Ferrari in a research report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $464.74.

Ferrari Price Performance

Shares of NYSE:RACE traded up $10.17 during trading on Thursday, reaching $397.52. The stock had a trading volume of 404,235 shares, compared to its average volume of 600,390. The stock has a market capitalization of $93.00 billion, a PE ratio of 36.90, a P/E/G ratio of 3.37 and a beta of 0.93. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $437.15. The business’s 50-day moving average price is $407.64 and its 200 day moving average price is $374.87.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.38 earnings per share. As a group, equities analysts predict that Ferrari N.V. will post 11.16 earnings per share for the current year.

Ferrari Profile

Ferrari N.V. is an Italian luxury automotive company that designs, develops, manufactures and sells high-performance sports cars. Its product portfolio includes mid- and front-engine sports cars, grand touring models, special-series vehicles and limited-edition automobiles. Ferrari also develops hybrid and other electrified models while maintaining a focus on performance, craftsmanship, design and exclusivity.

The company generates additional activities through its racing operations, vehicle personalization programs, financial services, merchandise, licensing and branded experiences.