Acadian Asset Management LLC Purchases 2,092 Shares of Ferrari (NYSE:RACE)

Acadian Asset Management LLC lifted its position in shares of Ferrari (NYSE:RACE) by 43.3% during the second quarter, HoldingsChannel reports. The firm owned 6,922 shares of the company’s stock after buying an additional 2,092 shares during the quarter. Acadian Asset Management LLC’s holdings in Ferrari were worth $2,822,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. Contravisory Investment Management Inc. raised its holdings in shares of Ferrari by 4.6% during the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after acquiring an additional 23 shares during the period. First Citizens Bank & Trust Co. raised its stake in shares of Ferrari by 3.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares during the period. Columbia Asset Management lifted its holdings in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Ferrari by 12.5% during the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after buying an additional 27 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in shares of Ferrari by 0.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock worth $1,865,000 after buying an additional 30 shares in the last quarter.

Ferrari Stock Down 0.6 %

RACE stock opened at $469.09 on Friday. Ferrari has a one year low of $285.02 and a one year high of $498.23. The company has a fifty day moving average price of $446.99 and a two-hundred day moving average price of $428.46. 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 (NYSE:RACE) last posted its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the company posted $1.99 EPS. Ferrari’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities analysts anticipate that Ferrari will post 8.71 earnings per share for the current year.

Wall Street Analyst Weigh In

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

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.