Temasek Holdings Private Ltd Purchases New Holdings in Ferrari (NYSE:RACE)

Temasek Holdings Private Ltd purchased a new position in shares of Ferrari (NYSE:RACE) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 93,171 shares of the company’s stock, valued at approximately $43,801,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Ferrari in the 3rd quarter valued at about $29,000. Planning Capital Management Corp acquired a new stake in shares of Ferrari in the third quarter valued at approximately $30,000. Rothschild Investment LLC bought a new position in shares of Ferrari during the 2nd quarter worth approximately $29,000. Ashton Thomas Securities LLC acquired a new position in shares of Ferrari during the 3rd quarter worth approximately $33,000. Finally, Valley Wealth Managers Inc. acquired a new position in shares of Ferrari during the 2nd quarter worth approximately $33,000.

Wall Street Analysts Forecast Growth

Several analysts recently commented on RACE shares. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Morgan Stanley increased their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. UBS Group boosted their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $385.00 to $525.00 in a research report 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. Based on data from MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

Shares of Ferrari stock opened at $445.55 on Friday. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The firm’s 50 day moving average is $456.33 and its 200 day moving average is $443.98. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23.

Ferrari (NYSE:RACE) last issued 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). The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.98 EPS. Sell-side analysts expect that Ferrari will post 8.58 earnings per share for the current fiscal year.

About Ferrari

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.