Ferrari N.V. (NYSE:RACE) Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its stake in Ferrari N.V. by 2.6% during Q1, holding 85,614 shares valued at approximately $36.27 million.
• Ferrari's latest quarterly earnings report revealed an EPS of $2.42, exceeding analysts' expectations of $2.36, alongside a 13% revenue increase year-over-year.
• Stock analysts have mixed views on Ferrari, with two analysts rating it as a hold and six giving it a buy rating, resulting in a consensus rating of "Moderate Buy" and a target price of $526.25.

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 2.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,614 shares of the company's stock after acquiring an additional 2,144 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Ferrari were worth $36,271,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of RACE. GW&K Investment Management LLC grew its holdings in Ferrari by 288.9% in the first quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock valued at $30,000 after purchasing an additional 52 shares during the period. Park Square Financial Group LLC acquired a new stake in Ferrari in the fourth quarter valued at $32,000. Alpine Bank Wealth Management acquired a new stake in Ferrari in the first quarter valued at $33,000. Webster Bank N. A. acquired a new stake in Ferrari in the first quarter valued at $43,000. Finally, Cornerstone Planning Group LLC raised its holdings in shares of Ferrari by 140.5% during the first quarter. Cornerstone Planning Group LLC now owns 101 shares of the company's stock worth $45,000 after purchasing an additional 59 shares during the period.

Ferrari Price Performance

RACE traded down $6.43 on Wednesday, reaching $498.99. The company had a trading volume of 243,424 shares, compared to its average volume of 398,403. The company has a fifty day moving average of $485.78 and a 200-day moving average of $464.32. The company has a market capitalization of $120.95 billion, a P/E ratio of 52.80, a PEG ratio of 5.56 and a beta of 1.09. The company has a current ratio of 5.09, a quick ratio of 4.04 and a debt-to-equity ratio of 0.93. Ferrari N.V. has a one year low of $391.54 and a one year high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating analysts' consensus estimates of $2.36 by $0.06. Ferrari had a net margin of 23.00% and a return on equity of 46.46%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the prior year, the company earned $1.95 EPS. Ferrari's revenue was up 13.0% on a year-over-year basis. As a group, equities research analysts anticipate that Ferrari N.V. will post 9.22 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RACE shares. UBS Group increased their target price on shares of Ferrari from $520.00 to $560.00 and gave the stock 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 research report on Thursday, May 15th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Ferrari has a consensus rating of "Moderate Buy" and an average price target of $526.25.

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.