Flossbach Von Storch SE Invests $22.99 Million in Ferrari N.V. $RACE

Flossbach Von Storch SE purchased a new position in Ferrari N.V. (NYSE:RACE) during the second quarter, HoldingsChannel reports. The fund purchased 62,056 shares of the company’s stock, valued at approximately $22,990,000.

Several other hedge funds have also recently bought and sold shares of the company. Pacific Sun Financial Corp purchased a new stake in Ferrari during the second quarter worth $409,000. Diversify Advisory Services LLC purchased a new position in shares of Ferrari in the second quarter valued at $293,000. Ontario Teachers Pension Plan Board acquired a new position in shares of Ferrari during the 2nd quarter worth $54,590,000. Park State Asset Management purchased a new stake in shares of Ferrari in the 2nd quarter worth about $4,998,000. Finally, Aljian Capital Management LLC purchased a new stake in shares of Ferrari in the 2nd quarter worth about $279,000.

Ferrari Price Performance

NYSE:RACE opened at $425.14 on Thursday. The firm has a market cap of $99.46 billion, a price-to-earnings ratio of 39.47, a price-to-earnings-growth ratio of 3.55 and a beta of 0.91. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86. The company’s 50-day moving average is $381.80 and its two-hundred day moving average is $359.01. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49.

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

Analyst Ratings Changes

Several research firms have weighed in on RACE. Evercore restated an “outperform” rating and set a $485.00 target price on shares of Ferrari in a report on Friday, July 31st. Sanford C. Bernstein increased their price target on shares of Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. UBS Group dropped their price objective on shares of Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Ferrari in a research report on Wednesday, July 8th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $442.00 target price on shares of Ferrari in a research note on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $477.15.

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.