AustralianSuper Pty Ltd Increases Stake in Ferrari (NYSE:RACE)

AustralianSuper Pty Ltd boosted its stake in Ferrari (NYSE:RACE) by 3.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,469 shares of the company’s stock after purchasing an additional 252 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Ferrari were worth $3,491,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. International Assets Investment Management LLC increased its position in Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after purchasing an additional 1,178,410 shares in the last quarter. Capital International Investors grew its stake in shares of Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares in the last quarter. Marshall Wace LLP raised its holdings in shares of Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after buying an additional 461,409 shares during the period. Clearbridge Investments LLC grew its position in Ferrari by 6,024.9% in the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after acquiring an additional 374,691 shares in the last quarter. Finally, Capital World Investors raised its stake in shares of Ferrari by 34.3% during the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after purchasing an additional 245,872 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, Evercore ISI upped their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $502.14.

Ferrari Stock Performance

NYSE RACE opened at $475.94 on Friday. The company has a 50-day moving average price of $474.23 and a two-hundred day moving average price of $439.41. Ferrari has a 52 week low of $300.00 and a 52 week high of $498.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.99 EPS. Sell-side analysts expect that Ferrari will post 8.65 EPS 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.