Renaissance Technologies LLC Grows Stake in Ferrari N.V. $RACE

Renaissance Technologies LLC lifted its position in Ferrari N.V. (NYSE:RACE) by 47.9% during the 1st quarter, HoldingsChannel reports. The firm owned 116,968 shares of the company’s stock after buying an additional 37,860 shares during the period. Renaissance Technologies LLC’s holdings in Ferrari were worth $39,026,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Deutsche Bank AG boosted its position in shares of Ferrari by 3.9% during the 4th quarter. Deutsche Bank AG now owns 973,583 shares of the company’s stock valued at $359,797,000 after acquiring an additional 36,670 shares during the last quarter. HighTower Advisors LLC increased its position in shares of Ferrari by 94.4% in the fourth quarter. HighTower Advisors LLC now owns 25,068 shares of the company’s stock worth $9,284,000 after purchasing an additional 12,175 shares during the last quarter. Vanguard Group Inc. raised its stake in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 5,213,450 shares of the company’s stock valued at $1,937,388,000 after purchasing an additional 58,506 shares in the last quarter. Baer Investment Advisory LLC purchased a new stake in Ferrari in the fourth quarter valued at approximately $1,970,000. Finally, China Universal Asset Management Co. Ltd. raised its stake in Ferrari by 716.8% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 8,487 shares of the company’s stock valued at $3,136,000 after purchasing an additional 7,448 shares in the last quarter.

Ferrari Price Performance

RACE opened at $380.09 on Tuesday. The stock’s 50 day simple moving average is $361.11 and its 200 day simple moving average is $352.31. The company has a debt-to-equity ratio of 0.72, a current ratio of 5.20 and a quick ratio of 4.08. Ferrari N.V. has a 1 year low of $312.51 and a 1 year high of $515.00. The firm has a market cap of $88.92 billion, a price-to-earnings ratio of 36.47, a PEG ratio of 3.09 and a beta of 0.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RACE shares. Wolfe Research initiated coverage on shares of Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating for the company. UBS Group raised their price objective on shares of Ferrari from $483.00 to $497.00 and gave the company a “buy” rating in a research report on Thursday, July 2nd. Morgan Stanley raised shares of Ferrari from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $388.00 to $438.00 in a report on Monday, June 15th. Jefferies Financial Group upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Three investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Ferrari has an average rating of “Moderate Buy” and a consensus price target of $471.97.

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.