Strategic Global Advisors LLC Invests $2.10 Million in Ferrari N.V. $RACE

Strategic Global Advisors LLC purchased a new position in shares of Ferrari N.V. (NYSE:RACE) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 5,546 shares of the company’s stock, valued at approximately $2,100,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fideuram Asset Management Ireland dac bought a new stake in shares of Ferrari during the 4th quarter worth approximately $29,000. Entrust Financial LLC bought a new position in Ferrari in the 4th quarter valued at $33,000. Bamco Inc. NY grew its position in Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company’s stock valued at $36,000 after acquiring an additional 87 shares during the last quarter. Bellevue Asset Management LLC purchased a new stake in Ferrari in the first quarter worth $34,000. Finally, Dunhill Financial LLC purchased a new stake in Ferrari in the second quarter worth $38,000.

Ferrari Trading Down 2.1%

RACE opened at $412.82 on Thursday. The stock’s fifty day moving average is $388.05 and its two-hundred day moving average is $362.18. The company has a market capitalization of $96.58 billion, a P/E ratio of 38.33, a PEG ratio of 3.63 and a beta of 0.91. Ferrari N.V. has a 52 week low of $312.51 and a 52 week high of $504.49. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86.

Ferrari (NYSE:RACE) last issued its earnings results on Friday, July 31st. The company reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.16. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.The business had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period in the prior year, the business earned $2.38 EPS. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. Analysts forecast that Ferrari N.V. will post 11.18 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RACE. Citigroup reiterated a “neutral” rating on shares of Ferrari in a research report on Monday, August 3rd. Sanford C. Bernstein raised their price target on shares of Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Morgan Stanley reiterated an “overweight” rating and set a $442.00 price objective on shares of Ferrari in a report on Friday, July 31st. Finally, Evercore reissued an “outperform” rating and issued a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $477.15.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.