Nissay Asset Management Corp Japan Takes $2.20 Million Position in Ferrari N.V. $RACE

Nissay Asset Management Corp Japan bought a new position in shares of Ferrari N.V. (NYSE:RACE) during the second quarter, according to its most recent filing with the SEC. The fund bought 5,919 shares of the company’s stock, valued at approximately $2,204,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Benjamin Edwards Inc. increased its holdings in Ferrari by 3.7% during the second quarter. Benjamin Edwards Inc. now owns 613 shares of the company’s stock worth $299,000 after buying an additional 22 shares during the last quarter. Pacific Sun Financial Corp boosted its stake in Ferrari by 2.5% in the third quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company’s stock valued at $489,000 after acquiring an additional 25 shares during the last quarter. Horizon Investments LLC boosted its stake in Ferrari by 33.3% in the third quarter. Horizon Investments LLC now owns 104 shares of the company’s stock valued at $50,000 after acquiring an additional 26 shares during the last quarter. Evergreen Capital Management LLC boosted its stake in Ferrari by 1.4% in the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company’s stock valued at $946,000 after acquiring an additional 26 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Ferrari by 14.4% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company’s stock valued at $108,000 after acquiring an additional 28 shares during the period.

Ferrari Stock Up 0.6%

Ferrari stock opened at $422.94 on Tuesday. The firm has a 50 day simple moving average of $391.72 and a 200 day simple moving average of $363.75. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $504.49. The firm has a market capitalization of $98.95 billion, a price-to-earnings ratio of 39.27, a P/E/G ratio of 3.61 and a beta of 0.91.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.16. The firm 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 business’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 earnings per share. On average, analysts predict that Ferrari N.V. will post 11.18 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Morgan Stanley restated an “overweight” rating and set a $442.00 price target on shares of Ferrari in a research note on Friday, July 31st. Wolfe Research initiated coverage on Ferrari in a report on Tuesday, July 7th. They set an “outperform” rating for the company. Citigroup reissued a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. UBS Group lowered their target price on Ferrari from $497.00 to $490.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, Needham & Company LLC upgraded Ferrari to a “neutral” rating in a research note on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $477.15.

About Ferrari

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.