Ferrari (NYSE:RACE) Position Increased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Ferrari (NYSE:RACE) by 1.2% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 83,737 shares of the company’s stock after buying an additional 988 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ferrari were worth $39,223,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of RACE. CreativeOne Wealth LLC acquired a new position in Ferrari in the third quarter valued at approximately $1,041,000. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Ferrari by 101.2% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 155,900 shares of the company’s stock worth $73,290,000 after purchasing an additional 78,400 shares during the last quarter. Blueshift Asset Management LLC boosted its position in Ferrari by 42.5% during the 3rd quarter. Blueshift Asset Management LLC now owns 2,615 shares of the company’s stock valued at $1,229,000 after purchasing an additional 780 shares during the period. Cynosure Group LLC bought a new position in Ferrari during the 3rd quarter worth $448,000. Finally, Townsquare Capital LLC increased its position in Ferrari by 24.8% in the third quarter. Townsquare Capital LLC now owns 5,435 shares of the company’s stock worth $2,555,000 after buying an additional 1,079 shares during the period.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Morgan Stanley boosted their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, UBS Group increased their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

Shares of Ferrari stock opened at $431.57 on Friday. The business has a fifty day simple moving average of $459.73 and a 200-day simple moving average of $443.07. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the business posted $1.98 EPS. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Research analysts predict that Ferrari will post 8.66 earnings per share 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.