Point72 Italy S.r.l. Acquires Shares of 3,500 Ferrari N.V. $RACE

Key Points

• Point72 Italy S.r.l. has acquired 3,500 shares of Ferrari N.V. valued at approximately $1.5 million, making it the 20th largest position in their portfolio.
• Other institutional investors, including Vanguard Group and Goldman Sachs, have also increased their stakes in Ferrari in the first quarter of 2023.
• Ferrari reported earnings of $2.70 per share for the last quarter, exceeding estimates, and analysts forecast a consensus price target of $528.33 for the stock.

Point72 Italy S.r.l. acquired a new position in shares of Ferrari N.V. (NYSE:RACE - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,500 shares of the company's stock, valued at approximately $1,498,000. Ferrari accounts for 1.5% of Point72 Italy S.r.l.'s portfolio, making the stock its 20th largest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position 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 valued at $2,165,683,000 after buying an additional 377,929 shares in the last quarter. Bank of Italy increased its position in Ferrari by 2.9% during the 1st quarter. Bank of Italy now owns 2,407,271 shares of the company's stock worth $1,021,078,000 after purchasing an additional 67,651 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Ferrari by 52.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock worth $974,332,000 after purchasing an additional 781,587 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Ferrari by 1.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,822,147 shares of the company's stock worth $779,661,000 after purchasing an additional 25,883 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in Ferrari by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 1,644,415 shares of the company's stock worth $703,612,000 after purchasing an additional 32,307 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RACE shares. Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Royal Bank Of Canada restated an "outperform" rating on shares of Ferrari in a report on Monday, August 4th. UBS Group upped their price objective on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a report on Thursday, July 31st. Finally, Citigroup reiterated a "sell" rating on shares of Ferrari in a report on Monday, August 11th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $528.33.

Ferrari Price Performance

Shares of NYSE:RACE opened at $477.95 on Friday. The company has a 50-day moving average price of $478.16 and a two-hundred day moving average price of $467.21. The firm has a market capitalization of $115.84 billion, a PE ratio of 49.32, a P/E/G ratio of 5.16 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 N.V. has a twelve month low of $391.54 and a twelve month high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. The business had revenue of $2.12 billion for 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% on a year-over-year basis. During the same period last year, the firm posted $2.29 earnings per share. Ferrari has set its FY 2025 guidance at 9.751- EPS. Equities analysts forecast that Ferrari N.V. will post 9.22 EPS for the current 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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