Zurich Insurance Group Ltd FI Cuts Holdings in Ferrari N.V. $RACE

Key Points

• Zurich Insurance Group Ltd FI has decreased its holdings in Ferrari N.V. by 40.7%, owning 47,355 shares after selling 32,441 in the first quarter, with a total value of approximately $20 million.
• Multiple hedge funds have adjusted their positions in Ferrari, with GW&K Investment Management LLC significantly increasing its stake by 288.9%.
• Recent analyst ratings for Ferrari include a cut to a "hold" from Zacks and an upgrade to "buy" from Deutsche Bank, resulting in an average rating of "Moderate Buy" with a consensus price target of $531.67.

Zurich Insurance Group Ltd FI decreased its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,355 shares of the company's stock after selling 32,441 shares during the period. Zurich Insurance Group Ltd FI's holdings in Ferrari were worth $20,078,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in RACE. Ethic Inc. raised its position in Ferrari by 3.5% in the fourth quarter. Ethic Inc. now owns 3,197 shares of the company's stock worth $1,358,000 after acquiring an additional 108 shares during the period. Focus Partners Wealth raised its position in Ferrari by 10.5% in the fourth quarter. Focus Partners Wealth now owns 8,832 shares of the company's stock worth $3,752,000 after acquiring an additional 841 shares during the period. Jefferies Financial Group Inc. raised its position in Ferrari by 113.4% in the fourth quarter. Jefferies Financial Group Inc. now owns 6,615 shares of the company's stock worth $2,825,000 after acquiring an additional 56,008 shares during the period. Janus Henderson Group PLC raised its position in Ferrari by 15.5% in the fourth quarter. Janus Henderson Group PLC now owns 91,356 shares of the company's stock worth $38,917,000 after acquiring an additional 12,293 shares during the period. Finally, Lighthouse Investment Partners LLC raised its position in Ferrari by 17.7% in the fourth quarter. Lighthouse Investment Partners LLC now owns 3,700 shares of the company's stock worth $1,580,000 after acquiring an additional 556 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the topic of several research reports. Cfra Research lowered shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Deutsche Bank Aktiengesellschaft raised shares of Ferrari from a "hold" rating to a "buy" rating in a research report on Tuesday, September 2nd. UBS Group boosted their price target on shares of Ferrari from $540.00 to $570.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Finally, Citigroup reissued a "sell" rating on shares of Ferrari in a research report on Monday, August 11th. Seven research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $531.67.

Ferrari Stock Performance

Shares of NYSE RACE traded down $1.47 during midday trading on Friday, hitting $477.89. The company's stock had a trading volume of 158,669 shares, compared to its average volume of 296,652. The stock has a fifty day moving average price of $478.37 and a 200 day moving average price of $466.20. The firm has a market capitalization of $115.83 billion, a price-to-earnings ratio of 49.32, a P/E/G ratio of 5.46 and a beta of 1.10. Ferrari N.V. has a one year low of $391.54 and a one year high of $519.10. 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 (NYSE:RACE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.57 by $0.13. The company 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%. Ferrari's revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.29 earnings per share. Ferrari has set its FY 2025 guidance at 9.751- EPS. On average, research analysts forecast 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.