ASR Vermogensbeheer N.V. Buys New Position in Ferrari N.V. (NYSE:RACE)

Key Points

• ASR Vermogensbeheer N.V. acquired a new position in Ferrari N.V. by purchasing 39,777 shares, valued at approximately $16.85 million.
• Vanguard Group Inc. increased its stake in Ferrari by 8.1%, while Goldman Sachs Group Inc. grew its stake by a substantial 52.3% during the same quarter, reflecting strong institutional interest in the company.
• Ferrari reported earnings of $2.70 per share for the previous quarter, surpassing analysts' expectations, with revenue also exceeding estimates at $2.12 billion.

ASR Vermogensbeheer N.V. bought a new stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 39,777 shares of the company's stock, valued at approximately $16,852,000.

Several other hedge funds also recently added to or reduced their stakes in RACE. Vanguard Group Inc. grew its stake in Ferrari by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock valued at $2,165,683,000 after purchasing an additional 377,929 shares during the last quarter. Bank of Italy grew its stake in Ferrari by 2.9% during the 1st quarter. Bank of Italy now owns 2,407,271 shares of the company's stock valued at $1,021,078,000 after purchasing an additional 67,651 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Ferrari by 52.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock valued at $974,332,000 after purchasing an additional 781,587 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Ferrari by 49.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,796,264 shares of the company's stock valued at $763,125,000 after purchasing an additional 594,547 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Ferrari by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 1,644,415 shares of the company's stock valued at $703,612,000 after purchasing an additional 32,307 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RACE shares. Royal Bank Of Canada reiterated an "outperform" rating on shares of Ferrari in a research note on Monday. Cfra Research downgraded Ferrari from a "hold" rating to a "moderate sell" rating in a research note on Thursday, July 31st. Wall Street Zen downgraded Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, UBS Group upped their target price on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $526.25.

Ferrari Stock Performance

Shares of RACE stock opened at $442.65 on Wednesday. The company has a market capitalization of $107.29 billion, a P/E ratio of 45.68, a P/E/G ratio of 5.02 and a beta of 1.09. The business's 50 day moving average is $482.48 and its two-hundred day moving average is $465.13. The company has a current ratio of 5.09, a quick ratio of 3.94 and a debt-to-equity ratio of 0.89. Ferrari N.V. has a 12-month low of $391.54 and a 12-month high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.57 by $0.13. The company had revenue of $2.12 billion for 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 for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.29 earnings per share. Analysts expect that Ferrari N.V. will post 9.22 EPS for the current fiscal year.

Ferrari 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.

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