Sycomore Asset Management Takes $11.03 Million Position in Ferrari (NYSE:RACE)

Sycomore Asset Management acquired a new stake in shares of Ferrari (NYSE:RACE) during the third quarter, Holdings Channel reports. The fund acquired 23,649 shares of the company’s stock, valued at approximately $11,029,000. Ferrari comprises about 1.6% of Sycomore Asset Management’s portfolio, making the stock its 19th biggest position.

A number of other large investors also recently modified their holdings of the business. QRG Capital Management Inc. acquired a new position in Ferrari during the first quarter valued at $225,000. US Bancorp DE lifted its position in shares of Ferrari by 1.9% in the 1st quarter. US Bancorp DE now owns 15,424 shares of the company’s stock worth $6,725,000 after acquiring an additional 293 shares during the period. Avantax Advisory Services Inc. bought a new stake in shares of Ferrari in the 1st quarter worth approximately $449,000. Bleakley Financial Group LLC raised its holdings in shares of Ferrari by 84.6% in the 1st quarter. Bleakley Financial Group LLC now owns 3,079 shares of the company’s stock worth $1,342,000 after buying an additional 1,411 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its holdings in shares of Ferrari by 18.3% in the 1st quarter. HBK Sorce Advisory LLC now owns 788 shares of the company’s stock worth $344,000 after buying an additional 122 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. UBS Group boosted their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Morgan Stanley raised their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, Evercore ISI lifted their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Ferrari presently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

RACE traded up $1.16 during trading on Thursday, hitting $441.05. The stock had a trading volume of 84,689 shares, compared to its average volume of 282,431. The stock has a 50 day simple moving average of $467.76 and a two-hundred day simple moving average of $441.96. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.98 EPS. As a group, research analysts forecast that Ferrari will post 8.75 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.