Ferrari N.V. $RACE Position Boosted by Engineers Gate Manager LP

Engineers Gate Manager LP boosted its holdings in Ferrari N.V. (NYSE:RACE) by 139.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,514 shares of the company’s stock after acquiring an additional 11,352 shares during the quarter. Engineers Gate Manager LP’s holdings in Ferrari were worth $7,233,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of RACE. Fideuram Asset Management Ireland dac bought a new stake in shares of Ferrari during the fourth quarter valued at about $29,000. Entrust Financial LLC bought a new stake in shares of Ferrari during the 4th quarter worth about $33,000. Bellevue Asset Management LLC acquired a new stake in shares of Ferrari in the 1st quarter worth approximately $34,000. Bamco Inc. NY lifted its stake in shares of Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after acquiring an additional 87 shares during the period. Finally, Dunhill Financial LLC bought a new position in shares of Ferrari in the second quarter valued at approximately $38,000.

Ferrari Price Performance

Shares of RACE opened at $413.70 on Friday. The company has a market capitalization of $96.78 billion, a price-to-earnings ratio of 38.41, a P/E/G ratio of 3.51 and a beta of 0.92. Ferrari N.V. has a fifty-two week low of $312.51 and a fifty-two week high of $504.49. The company has a debt-to-equity ratio of 0.86, a current ratio of 4.85 and a quick ratio of 3.70. The business’s 50-day moving average is $399.51 and its 200-day moving average is $366.01.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period last year, the company posted $2.38 earnings per share. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities research analysts expect that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Needham & Company LLC upgraded Ferrari to a “neutral” rating in a report on Friday, July 31st. Citigroup reiterated a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. UBS Group reduced their price objective on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a research report on Friday, July 31st. Wolfe Research began coverage on shares of Ferrari in a report on Tuesday, July 7th. They set an “outperform” rating for the company. Finally, Morgan Stanley restated an “overweight” rating and issued a $460.00 price target on shares of Ferrari in a research report on Thursday. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $478.79.

About Ferrari

Ferrari N.V. is an Italian luxury automotive company headquartered in Maranello, Italy. The company designs, develops, manufactures and sells high-performance sports cars, grand touring vehicles, supercars and limited-edition models under the Ferrari brand.

Ferrari’s business includes vehicle personalization, after-sales services, replacement parts and accessories, as well as branded merchandise, licensing and retail activities. The company also supports its brand through customer experiences, events and the Ferrari racing business, including its long-standing participation in Formula One.

Ferrari traces its origins to Enzo Ferrari, who established Auto Avio Costruzioni in 1939 before producing its first Ferrari-badged car in 1947.