Ferrari N.V. (NYSE:RACE) Shares Bought by Thoroughbred Financial Services LLC

Key Points

• Thoroughbred Financial Services LLC increased its stake in Ferrari N.V. by 39.7% during the first quarter, owning 10,286 shares valued at approximately $4.4 million by the end of this reporting period.
• Ferrari's stock currently holds a consensus rating of "Moderate Buy", with analysts setting an average target price of $526.25, despite some downgrades from firms like Cfra Research.
• The company reported a quarterly earnings per share of $2.70, exceeding estimates by $0.13 and achieving a net margin of 22.95%, on revenue of $2.12 billion, reflecting a year-over-year growth of 4.4%.

Thoroughbred Financial Services LLC boosted its position in Ferrari N.V. (NYSE:RACE - Free Report) by 39.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,286 shares of the company's stock after acquiring an additional 2,925 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Ferrari were worth $4,401,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Allianz SE raised its stake in shares of Ferrari by 21.4% during the 1st quarter. Allianz SE now owns 24,522 shares of the company's stock worth $10,492,000 after buying an additional 4,330 shares during the last quarter. Scotia Capital Inc. increased its position in Ferrari by 3.3% during the 1st quarter. Scotia Capital Inc. now owns 4,423 shares of the company's stock worth $1,893,000 after purchasing an additional 140 shares in the last quarter. J. Safra Sarasin Holding AG increased its position in Ferrari by 0.8% during the 1st quarter. J. Safra Sarasin Holding AG now owns 17,107 shares of the company's stock worth $7,407,000 after purchasing an additional 144 shares in the last quarter. Banco Santander S.A. increased its position in Ferrari by 35.3% during the 1st quarter. Banco Santander S.A. now owns 560,999 shares of the company's stock worth $240,040,000 after purchasing an additional 146,279 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in Ferrari by 3.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 13,087 shares of the company's stock worth $5,600,000 after purchasing an additional 376 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group upped their target price on Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Royal Bank Of Canada restated an "outperform" rating on shares of Ferrari in a research note on Monday. Wall Street Zen cut Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Cfra Research lowered 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's stock. According to data from MarketBeat.com, Ferrari currently has an average rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Stock Performance

Shares of NYSE:RACE traded up $1.26 during mid-day trading on Wednesday, reaching $443.05. The company had a trading volume of 466,781 shares, compared to its average volume of 522,587. The company's 50-day moving average price is $482.48 and its 200-day moving average price is $465.13. 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 N.V. has a one year low of $391.54 and a one year high of $519.10. The firm has a market cap of $107.39 billion, a price-to-earnings ratio of 45.72, a PEG ratio of 5.06 and a beta of 1.09.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.57 by $0.13. The business had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.05 billion. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. The company's revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.29 earnings per share. As a group, equities research analysts anticipate 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.