5,546 Shares in Ferrari N.V. $RACE Acquired by Strategic Global Advisors LLC

Strategic Global Advisors LLC purchased a new position in Ferrari N.V. (NYSE:RACE) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,546 shares of the company’s stock, valued at approximately $2,100,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in Ferrari during the second quarter valued at $952,874,000. Norges Bank purchased a new stake in Ferrari in the 4th quarter worth $779,894,000. Deutsche Bank AG bought a new position in shares of Ferrari during the 2nd quarter valued at about $413,209,000. The Manufacturers Life Insurance Company bought a new position in shares of Ferrari during the 2nd quarter valued at about $388,816,000. Finally, Legal & General Group Plc purchased a new position in shares of Ferrari during the second quarter valued at about $322,208,000.

Analyst Ratings Changes

Several equities analysts have weighed in on RACE shares. Needham & Company LLC upgraded Ferrari to a “neutral” rating in a report on Friday, July 31st. Morgan Stanley reiterated an “overweight” rating and set a $442.00 target price on shares of Ferrari in a research report on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Wolfe Research began coverage on shares of Ferrari in a research note on Tuesday, July 7th. They set an “outperform” rating on the stock. Finally, Sanford C. Bernstein upped their price target on shares of Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and a consensus target price of $477.15.

Ferrari Trading Down 2.1%

Shares of NYSE RACE opened at $412.82 on Thursday. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $504.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The business’s 50 day moving average is $388.05 and its two-hundred day moving average is $362.18. The stock has a market capitalization of $96.58 billion, a P/E ratio of 38.33, a PEG ratio of 3.63 and a beta of 0.91.

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

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.