Goldman Sachs Group Inc. Acquires 781,587 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Goldman Sachs Group Inc. increased its holdings in Ferrari N.V. by 52.3%, owning approximately 2.28 million shares valued at $974.33 million at the end of the first quarter.
• The company recently reported earnings that exceeded analysts' expectations with $2.70 EPS on revenue of $2.12 billion, marking a 4.4% increase in revenue compared to the same quarter last year.
• Analysts have mixed views on Ferrari's stock, with two downgrades and multiple upgrades, resulting in a consensus rating of "Moderate Buy" and an average target price of $526.25.

Goldman Sachs Group Inc. grew its position in Ferrari N.V. (NYSE:RACE - Free Report) by 52.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,277,115 shares of the company's stock after purchasing an additional 781,587 shares during the period. Goldman Sachs Group Inc. owned about 0.94% of Ferrari worth $974,332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RACE. GW&K Investment Management LLC boosted its holdings in shares of 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 buying an additional 52 shares during the period. Park Square Financial Group LLC bought a new stake in Ferrari in the 4th quarter valued at $32,000. Alpine Bank Wealth Management bought a new stake in Ferrari in the 1st quarter valued at $33,000. Webster Bank N. A. acquired a new position in Ferrari in the 1st quarter worth $43,000. Finally, Cornerstone Planning Group LLC increased its holdings in Ferrari by 140.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 101 shares of the company's stock worth $45,000 after purchasing an additional 59 shares in the last quarter.

Wall Street Analyst Weigh In

RACE has been the topic of a number of research reports. Wall Street Zen lowered Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Royal Bank Of Canada restated an "outperform" rating on shares of Ferrari in a research note on Monday. UBS Group raised their price target 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. Finally, Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Stock Down 1.1%

RACE traded down $4.72 on Friday, hitting $443.96. 480,354 shares of the company were exchanged, compared to its average volume of 552,006. The stock's fifty day moving average is $481.24 and its 200-day moving average is $465.06. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10. 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 company has a market cap of $107.61 billion, a PE ratio of 45.82, a PEG ratio of 4.87 and a beta of 1.09.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.57 by $0.13. Ferrari had a return on equity of 45.41% and a net margin of 22.95%. The company had revenue of $2.12 billion for the quarter, compared to analysts' expectations of $2.05 billion. During the same quarter in the prior year, the business posted $2.29 EPS. The business's revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that Ferrari N.V. will post 9.22 EPS 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.