LGT Fund Management Co Ltd. Buys 2,990 Shares of Ferrari N.V. $RACE

Key Points

• LGT Fund Management Co Ltd. increased its stake in Ferrari N.V. by 177.4%, acquiring an additional 2,990 shares, bringing its total holdings to 4,675 shares valued at approximately $2.29 million.
• HSBC upgraded Ferrari's rating from "hold" to "buy" with a price target of $470, while other analysts had mixed opinions, resulting in a consensus rating of "Moderate Buy".
• Ferrari reported earnings of $2.70 per share for the last quarter, exceeding expectations, while also posting a revenue of $2.12 billion, which was above analysts' estimates of $2.05 billion.

LGT Fund Management Co Ltd. grew its stake in Ferrari N.V. (NYSE:RACE - Free Report) by 177.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,675 shares of the company's stock after acquiring an additional 2,990 shares during the quarter. LGT Fund Management Co Ltd.'s holdings in Ferrari were worth $2,294,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Bridgewater Advisors Inc. bought a new stake in shares of Ferrari in the 1st quarter valued at about $492,000. Thoroughbred Financial Services LLC increased its stake in shares of Ferrari by 39.7% in the 1st quarter. Thoroughbred Financial Services LLC now owns 10,286 shares of the company's stock valued at $4,401,000 after acquiring an additional 2,925 shares during the last quarter. Banco Santander S.A. increased its stake in shares of Ferrari by 35.3% in the 1st quarter. Banco Santander S.A. now owns 560,999 shares of the company's stock valued at $240,040,000 after acquiring an additional 146,279 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its stake in shares of Ferrari by 75.1% in the 1st quarter. Dynamic Technology Lab Private Ltd now owns 3,580 shares of the company's stock valued at $1,532,000 after acquiring an additional 1,535 shares during the last quarter. Finally, Callan Family Office LLC increased its stake in shares of Ferrari by 146.3% in the 1st quarter. Callan Family Office LLC now owns 2,763 shares of the company's stock valued at $1,182,000 after acquiring an additional 1,641 shares during the last quarter.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of recent analyst reports. HSBC raised Ferrari from a "hold" rating to a "buy" rating and set a $470.00 price target for the company in a research note on Thursday. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Weiss Ratings reiterated a "buy (b)" rating on shares of Ferrari in a report on Saturday, September 27th. Berenberg Bank set a $570.00 price objective on shares of Ferrari in a research report on Friday. Finally, Citigroup reaffirmed a "sell" rating on shares of Ferrari in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $528.80.

Ferrari Trading Down 0.6%

NYSE RACE opened at $500.91 on Friday. Ferrari N.V. has a 52 week low of $391.54 and a 52 week 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 stock's 50 day moving average price is $473.20 and its two-hundred day moving average price is $469.25. The stock has a market capitalization of $121.41 billion, a price-to-earnings ratio of 51.69, a PEG ratio of 4.06 and a beta of 1.08.

Ferrari (NYSE:RACE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping 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%. The business's quarterly revenue was up 4.4% on a year-over-year basis. During the same period last year, the business earned $2.29 EPS. Ferrari has set its FY 2025 guidance at 9.751- EPS. As a group, analysts anticipate that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

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.

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