Bank Pictet & Cie Europe AG Raises Position in Ferrari (NYSE:RACE)

Bank Pictet & Cie Europe AG grew its position in Ferrari (NYSE:RACE) by 95.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,444 shares of the company’s stock after acquiring an additional 1,194 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Ferrari were worth $1,145,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. lifted its holdings in Ferrari by 3,806.5% in the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after acquiring an additional 1,180 shares during the period. Raymond James & Associates boosted its holdings in Ferrari by 1.3% during the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after buying an additional 655 shares in the last quarter. Jennison Associates LLC grew its position in Ferrari by 10.5% during the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock worth $116,225,000 after buying an additional 25,228 shares during the period. Capital Wealth Planning LLC increased its holdings in Ferrari by 127.6% in the first quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after buying an additional 4,211 shares in the last quarter. Finally, Gateway Investment Advisers LLC increased its holdings in Ferrari by 46.7% in the second quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock valued at $2,803,000 after buying an additional 2,185 shares in the last quarter.

Analyst Ratings Changes

RACE has been the topic of a number of research reports. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Evercore ISI raised their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the company from $385.00 to $525.00 in a report on Friday, October 11th. Finally, StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $502.14.

Ferrari Price Performance

RACE stock opened at $478.51 on Wednesday. The company has a 50 day moving average price of $471.54 and a two-hundred day moving average price of $436.50. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a one year low of $296.34 and a one year high of $498.23.

Ferrari (NYSE:RACE) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.99 earnings per share. As a group, sell-side analysts forecast that Ferrari will post 8.65 EPS for the current fiscal year.

Ferrari Company 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.