Quadrature Capital Ltd Raises Holdings in Ferrari (NYSE:RACE)

Quadrature Capital Ltd boosted its holdings in Ferrari (NYSE:RACE) by 83.7% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 231,279 shares of the company’s stock after acquiring an additional 105,390 shares during the period. Ferrari comprises about 2.5% of Quadrature Capital Ltd’s investment portfolio, making the stock its 6th biggest holding. Quadrature Capital Ltd’s holdings in Ferrari were worth $108,417,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of RACE. Jamison Private Wealth Management Inc. increased its stake in shares of Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after purchasing an additional 22 shares during the period. First Citizens Bank & Trust Co. increased its stake in shares of Ferrari by 3.3% in the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares during the period. Columbia Asset Management increased its stake in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares during the period. Elite Wealth Management Inc. increased its stake in shares of Ferrari by 1.0% in the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after purchasing an additional 25 shares during the period. Finally, Addison Advisors LLC increased its stake in shares of Ferrari by 13.6% in the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after purchasing an additional 26 shares during the period.

Analysts Set New Price Targets

A number of research analysts recently commented on RACE shares. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. UBS Group raised their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Evercore ISI raised their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley raised their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $385.00 to $525.00 in a research note on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

Ferrari stock opened at $445.44 on Thursday. 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 1 year low of $330.15 and a 1 year high of $498.23. The firm’s 50 day moving average price is $456.98 and its two-hundred day moving average price is $443.97.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the firm posted $1.98 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. Sell-side analysts forecast that Ferrari will post 8.58 earnings per share for the current fiscal year.

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.