Blueshift Asset Management LLC Acquires New Shares in Ferrari N.V. (NYSE:RACE)

Key Points

• Blueshift Asset Management LLC invested approximately $464,000 in Ferrari N.V., acquiring 1,084 shares during the first quarter of the year.
• Ferrari's recent quarterly earnings showed an EPS of $2.70, surpassing analysts' expectations and marking a 4.4% increase in revenue year-over-year.
• Analysts have mixed sentiments on Ferrari, with UBS Group raising the price target from $520.00 to $560.00, while others downgraded the stock to a "hold" rating.

Blueshift Asset Management LLC purchased a new position in Ferrari N.V. (NYSE:RACE - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,084 shares of the company's stock, valued at approximately $464,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Bank of Italy grew its position in Ferrari by 2.9% during the 1st quarter. Bank of Italy now owns 2,407,271 shares of the company's stock worth $1,021,078,000 after purchasing an additional 67,651 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position 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 worth $763,125,000 after purchasing an additional 594,547 shares in the last quarter. Bank of New York Mellon Corp grew its position 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 worth $703,612,000 after purchasing an additional 32,307 shares in the last quarter. Marshall Wace LLP grew its position in Ferrari by 62.1% during the 4th quarter. Marshall Wace LLP now owns 1,358,467 shares of the company's stock worth $579,561,000 after purchasing an additional 520,337 shares in the last quarter. Finally, Capital International Investors grew its position in Ferrari by 1.3% during the 4th quarter. Capital International Investors now owns 1,108,490 shares of the company's stock worth $475,175,000 after purchasing an additional 14,463 shares in the last quarter.

Ferrari Stock Down 1.5%

Shares of NYSE:RACE traded down $6.85 during trading on Friday, reaching $436.54. 1,677,924 shares of the company traded hands, compared to its average volume of 466,264. The firm has a fifty day simple moving average of $484.02 and a 200 day simple moving average of $465.26. The firm has a market cap of $105.81 billion, a P/E ratio of 45.05, a price-to-earnings-growth ratio of 4.99 and a beta of 1.09. Ferrari N.V. has a 1-year low of $391.54 and a 1-year high of $519.10. The company has a quick ratio of 3.94, a current ratio of 5.09 and a debt-to-equity ratio of 0.89.

Ferrari (NYSE:RACE - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. The company had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The company's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the business posted $2.29 EPS. Analysts anticipate that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have weighed in on RACE shares. Cfra Research cut shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday. UBS Group lifted their price objective on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen cut shares of Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $526.25.

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.