Blueshift Asset Management LLC Increases Stake in Ferrari (NYSE:RACE)

Blueshift Asset Management LLC raised its holdings in shares of Ferrari (NYSE:RACE) by 42.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,615 shares of the company’s stock after acquiring an additional 780 shares during the quarter. Blueshift Asset Management LLC’s holdings in Ferrari were worth $1,229,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Rothschild Investment LLC purchased a new stake in Ferrari in the second quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the 3rd quarter worth approximately $29,000. Planning Capital Management Corp purchased a new position in Ferrari during the third quarter valued at approximately $30,000. Valley Wealth Managers Inc. bought a new position in shares of Ferrari in the second quarter worth approximately $33,000. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Ferrari in the third quarter worth $33,000.

Ferrari Stock Performance

NYSE:RACE opened at $431.40 on Wednesday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The stock’s fifty day moving average is $461.10 and its 200 day moving average is $443.24.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the company earned $1.98 earnings per share. The business’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities research analysts forecast that Ferrari will post 8.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on RACE shares. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Morgan Stanley upped their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Evercore ISI lifted their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, UBS Group boosted their target price on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.