Forsta AP Fonden Buys 9,780 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Forsta AP Fonden significantly increased its shares in Ferrari N.V. by 127.0%, owning 17,479 shares valued at approximately $7.48 million after acquiring an additional 9,780 shares.
• Analysts have varying ratings on Ferrari, with a current average rating of "Moderate Buy" and a price target of $526.25, influenced by recent upgrades and downgrades from multiple firms.
• Ferrari reported $2.70 earnings per share for the last quarter, exceeding expectations while achieving a revenue of $2.12 billion, marking a 4.4% increase year-over-year.

Forsta AP Fonden lifted its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 127.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,479 shares of the company's stock after acquiring an additional 9,780 shares during the period. Forsta AP Fonden's holdings in Ferrari were worth $7,479,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Ferrari by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock worth $2,165,683,000 after acquiring an additional 377,929 shares during the period. Bank of Italy lifted its stake in Ferrari by 2.9% during the first 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. lifted its stake in Ferrari by 52.3% during the first 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 lifted its stake in Ferrari by 49.5% during the fourth 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 lifted its stake in Ferrari by 2.0% during the first 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.

Ferrari Stock Up 3.0%

Shares of RACE traded up $13.47 during mid-day trading on Thursday, hitting $464.68. 770,339 shares of the company's stock were exchanged, compared to its average volume of 569,889. The firm has a fifty day moving average of $478.28 and a two-hundred day moving average of $465.62. Ferrari N.V. has a twelve month low of $391.54 and a twelve month high of $519.10. The stock has a market cap of $112.63 billion, a price-to-earnings ratio of 47.96, a P/E/G ratio of 4.88 and a beta of 1.09. 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 posted its quarterly earnings data on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.57 by $0.13. The business had revenue of $2.12 billion during the quarter, compared to the consensus estimate of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. Ferrari's quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.29 EPS. On average, sell-side analysts forecast that Ferrari N.V. will post 9.22 earnings per share for the current year.

Wall Street Analyst Weigh In

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

About Ferrari

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.