Ferrari N.V. $RACE is Bank of Italy’s Largest Position

Bank of Italy raised its stake in shares of Ferrari N.V. (NYSE:RACE) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 2,462,771 shares of the company’s stock after purchasing an additional 55,500 shares during the quarter. Ferrari comprises 57.3% of Bank of Italy’s portfolio, making the stock its largest position. Bank of Italy’s holdings in Ferrari were worth $1,190,158,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Groupama Asset Managment increased its holdings in shares of Ferrari by 24,598.5% during the 2nd quarter. Groupama Asset Managment now owns 16,073,800 shares of the company’s stock worth $7,888,057,000 after buying an additional 16,008,720 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Ferrari by 63.7% in the third quarter. Bank of New York Mellon Corp now owns 2,670,762 shares of the company’s stock valued at $1,295,907,000 after acquiring an additional 1,039,234 shares during the last quarter. Alliancebernstein L.P. grew its position in Ferrari by 5.6% during the second quarter. Alliancebernstein L.P. now owns 1,866,558 shares of the company’s stock valued at $915,995,000 after acquiring an additional 99,221 shares during the period. Jennison Associates LLC increased its stake in Ferrari by 9.1% during the second quarter. Jennison Associates LLC now owns 1,841,200 shares of the company’s stock worth $903,019,000 after acquiring an additional 153,297 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Ferrari in the 2nd quarter worth about $885,051,000.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RACE shares. Citigroup decreased their target price on Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a report on Thursday, October 16th. Evercore ISI decreased their price objective on shares of Ferrari from $580.00 to $475.00 and set an “outperform” rating for the company in a research note on Friday, October 31st. BNP Paribas Exane raised shares of Ferrari to a “strong-buy” rating in a research report on Thursday, December 11th. UBS Group reduced their target price on shares of Ferrari from $563.00 to $555.00 and set a “buy” rating on the stock in a report on Friday, January 9th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Ferrari in a research report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and an average price target of $480.67.

Ferrari Trading Down 1.6%

NYSE RACE opened at $333.00 on Friday. The stock has a market cap of $80.71 billion, a P/E ratio of 33.64, a PEG ratio of 3.68 and a beta of 1.01. The company’s fifty day simple moving average is $367.32 and its 200-day simple moving average is $422.23. The company has a current ratio of 4.90, a quick ratio of 3.78 and a debt-to-equity ratio of 0.76. Ferrari N.V. has a 52 week low of $331.01 and a 52 week high of $519.10.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, November 4th. The company reported $2.50 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.15. Ferrari had a net margin of 22.65% and a return on equity of 44.20%. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.94 billion. Ferrari has set its FY 2025 guidance at 10.290- EPS. Equities research analysts predict that Ferrari N.V. will post 9.22 EPS for the current fiscal year.

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.