Ferrari N.V. (NYSE:RACE) Stake Raised by Wetherby Asset Management Inc.
Wetherby Asset Management Inc. increased its stake in Ferrari N.V. (NYSE:RACE) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,762 shares of the company’s stock after buying an additional 187 shares during the period. Wetherby Asset Management Inc.’s holdings in Ferrari N.V. were worth $496,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently made changes to their positions in RACE. Victory Capital Management Inc. acquired a new stake in Ferrari N.V. during the first quarter worth about $127,000. PNC Financial Services Group Inc. increased its stake in Ferrari N.V. by 48.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,798 shares of the company’s stock worth $135,000 after buying an additional 586 shares during the period. Opera Trading Capital acquired a new stake in Ferrari N.V. during the second quarter worth about $172,000. M&T Bank Corp acquired a new stake in Ferrari N.V. during the first quarter worth about $224,000. Finally, Cipher Capital LP acquired a new stake in Ferrari N.V. during the first quarter worth about $233,000. Institutional investors and hedge funds own 32.54% of the company’s stock.
Shares of Ferrari N.V. (NYSE:RACE) opened at 107.58 on Friday. Ferrari N.V. has a 52-week low of $46.39 and a 52-week high of $111.77. The firm has a market cap of $20.33 billion, a P/E ratio of 35.72 and a beta of 1.82. The company’s 50-day moving average is $97.79 and its 200-day moving average is $80.36.
Ferrari N.V. (NYSE:RACE) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.13. The business had revenue of $1.01 billion during the quarter. Ferrari N.V. had a return on equity of 128.49% and a net margin of 14.43%. Equities research analysts forecast that Ferrari N.V. will post $3.08 earnings per share for the current fiscal year.
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RACE has been the subject of a number of research analyst reports. Jefferies Group LLC reissued a “buy” rating and set a $74.00 target price on shares of Ferrari N.V. in a research report on Tuesday, April 18th. UBS AG increased their target price on shares of Ferrari N.V. from $74.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, May 2nd. Zacks Investment Research downgraded shares of Ferrari N.V. from a “hold” rating to a “sell” rating in a research report on Wednesday, May 3rd. Kepler Capital Markets raised shares of Ferrari N.V. to a “hold” rating in a research report on Friday, May 5th. Finally, Bank of America Corporation increased their target price on shares of Ferrari N.V. from $82.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $91.67.
Ferrari N.V. Company Profile
Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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