Clearbridge Investments LLC Acquires 374,691 Shares of Ferrari (NYSE:RACE)

Clearbridge Investments LLC raised its holdings in Ferrari (NYSE:RACE) by 6,024.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 380,910 shares of the company’s stock after buying an additional 374,691 shares during the period. Clearbridge Investments LLC’s holdings in Ferrari were worth $166,054,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. increased its stake in shares of Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of Ferrari by 0.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock worth $1,865,000 after purchasing an additional 30 shares during the period. Lorne Steinberg Wealth Management Inc. increased its stake in Ferrari by 0.3% during the 1st quarter. Lorne Steinberg Wealth Management Inc. now owns 9,552 shares of the company’s stock worth $4,164,000 after acquiring an additional 30 shares during the period. Hexagon Capital Partners LLC increased its stake in Ferrari by 16.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 239 shares of the company’s stock worth $104,000 after acquiring an additional 33 shares during the period. Finally, Rehmann Capital Advisory Group increased its stake in Ferrari by 5.6% during the 1st quarter. Rehmann Capital Advisory Group now owns 645 shares of the company’s stock worth $281,000 after acquiring an additional 34 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America raised their target price on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. UBS Group raised their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. Finally, StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $461.67.

Ferrari Price Performance

NYSE:RACE traded down $4.02 during trading hours on Tuesday, hitting $423.17. 152,360 shares of the company were exchanged, compared to its average volume of 270,758. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. Ferrari has a one year low of $285.02 and a one year high of $442.80. The company has a fifty day simple moving average of $418.24 and a 200 day simple moving average of $406.34.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.08. Ferrari had a return on equity of 43.94% and a net margin of 21.42%. The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. Equities research analysts expect that Ferrari will post 8.2 earnings per share 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.