Caitong International Asset Management Co. Ltd Acquires Shares of 1,608 Ferrari N.V. (NYSE:RACE)

Key Points

• Caitong International Asset Management Co. Ltd acquired 1,608 shares of Ferrari N.V. valued at approximately $688,000, making it the fund's 27th largest holding.
• Several large investors, including Banco Santander S.A., significantly increased their stakes in Ferrari during the first quarter, with Banco Santander owning 560,999 shares worth $240.04 million.
• Ferrari reported earnings of $2.70 per share for the last quarter, exceeding estimates and reflecting a year-over-year revenue increase of 4.4%.

Caitong International Asset Management Co. Ltd bought a new stake in Ferrari N.V. (NYSE:RACE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 1,608 shares of the company's stock, valued at approximately $688,000. Ferrari makes up approximately 0.5% of Caitong International Asset Management Co. Ltd's holdings, making the stock its 27th biggest holding.

Several other large investors have also bought and sold shares of RACE. Bridgewater Advisors Inc. acquired a new stake in shares of Ferrari in the first quarter valued at about $492,000. Zurich Insurance Group Ltd FI lifted its holdings in shares of Ferrari by 13.2% in the fourth quarter. Zurich Insurance Group Ltd FI now owns 79,796 shares of the company's stock valued at $34,042,000 after purchasing an additional 9,274 shares in the last quarter. Thoroughbred Financial Services LLC raised its holdings in shares of Ferrari by 39.7% in the first quarter. Thoroughbred Financial Services LLC now owns 10,286 shares of the company's stock valued at $4,401,000 after purchasing an additional 2,925 shares during the last quarter. Banco Santander S.A. lifted its position in shares of Ferrari by 35.3% during the 1st quarter. Banco Santander S.A. now owns 560,999 shares of the company's stock worth $240,040,000 after buying an additional 146,279 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Ferrari by 2.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 85,614 shares of the company's stock worth $36,271,000 after acquiring an additional 2,144 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen cut Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Cfra Research lowered shares of Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Citigroup reiterated a "sell" rating on shares of Ferrari in a research report on Monday. Royal Bank Of Canada reissued an "outperform" rating on shares of Ferrari in a research note on Monday, August 4th. Finally, UBS Group lifted their target price on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $526.25.

Ferrari Stock Up 1.0%

NYSE:RACE opened at $445.88 on Wednesday. The firm has a market cap of $108.07 billion, a P/E ratio of 46.01, a P/E/G ratio of 4.77 and a beta of 1.09. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. The firm has a 50-day simple moving average of $479.18 and a two-hundred day simple moving average of $465.49. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $2.12 billion during the quarter, compared to analysts' expectations of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The firm's quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $2.29 earnings per share. Analysts predict that Ferrari N.V. will post 9.22 earnings per share 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.

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