18,000 Shares in Ferrari (NYSE:RACE) Acquired by Shellback Capital LP

Shellback Capital LP bought a new stake in shares of Ferrari (NYSE:RACE) in the 2nd quarter, Holdings Channel.com reports. The firm bought 18,000 shares of the company’s stock, valued at approximately $7,351,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Capital International Investors lifted its position in shares of Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares in the last quarter. Marshall Wace LLP raised its stake in Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after acquiring an additional 461,409 shares during the period. Clearbridge Investments LLC lifted its holdings in Ferrari by 6,024.9% during the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after purchasing an additional 374,691 shares in the last quarter. Capital World Investors boosted its position in shares of Ferrari by 34.3% in the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after purchasing an additional 245,872 shares during the period. Finally, Capital International Inc. CA increased its stake in shares of Ferrari by 207.3% in the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock worth $103,419,000 after purchasing an additional 160,055 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RACE shares. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. UBS Group upped their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Morgan Stanley increased their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari Stock Performance

NYSE:RACE opened at $477.98 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The company has a market cap of $88.31 billion, a price-to-earnings ratio of 61.04, a PEG ratio of 4.97 and a beta of 1.00. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The stock’s 50 day simple moving average is $454.62 and its two-hundred day simple moving average is $431.59.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm earned $1.99 earnings per share. Ferrari’s revenue was up 16.1% on a year-over-year basis. As a group, equities analysts anticipate that Ferrari will post 8.81 earnings per share for the current fiscal 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.