Flagship Harbor Advisors LLC Boosts Position in Ferrari N.V. $RACE

Flagship Harbor Advisors LLC lifted its stake in shares of Ferrari N.V. (NYSE:RACE) by 103.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 971 shares of the company’s stock after acquiring an additional 494 shares during the period. Flagship Harbor Advisors LLC’s holdings in Ferrari were worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Jennison Associates LLC raised its holdings in shares of Ferrari by 9.1% during the 2nd 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 period. SYM FINANCIAL Corp purchased a new position in shares of Ferrari during the 2nd quarter worth $228,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Ferrari during the 2nd quarter worth $2,494,000. Banco Santander S.A. raised its holdings in shares of Ferrari by 3.6% during the 2nd quarter. Banco Santander S.A. now owns 581,379 shares of the company’s stock worth $285,306,000 after acquiring an additional 20,380 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in shares of Ferrari during the 2nd quarter worth $640,000.

Analysts Set New Price Targets

RACE has been the subject of a number of recent analyst reports. Sanford C. Bernstein cut their price objective on Ferrari from $554.00 to $475.00 and set an “outperform” rating for the company in a research report on Friday, October 10th. UBS Group cut their price objective on Ferrari from $579.00 to $529.00 and set a “buy” rating for the company in a research report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft raised Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, September 2nd. Cfra Research downgraded Ferrari from a “hold” rating to a “moderate sell” rating in a research report on Thursday, July 31st. Finally, HSBC raised Ferrari from a “hold” rating to a “buy” rating and set a $470.00 price objective for the company in a research report on Thursday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Ferrari has an average rating of “Buy” and a consensus price target of $501.14.

Ferrari Stock Performance

NYSE RACE opened at $404.46 on Friday. The company has a market cap of $98.03 billion, a P/E ratio of 41.74, a P/E/G ratio of 4.20 and a beta of 1.08. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94. The stock has a 50-day moving average of $453.19 and a two-hundred day moving average of $467.31. Ferrari N.V. has a 1-year low of $372.31 and a 1-year high of $519.10.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.57 by $0.13. The company had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a return on equity of 45.41% and a net margin of 22.95%.Ferrari’s revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.29 EPS. As a group, analysts anticipate that Ferrari N.V. will post 9.22 EPS for the current 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.