Assenagon Asset Management S.A. Acquires 99,558 Shares of Ferrari (NYSE:RACE)

Assenagon Asset Management S.A. grew its holdings in Ferrari (NYSE:RACE) by 904.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 110,565 shares of the company’s stock after purchasing an additional 99,558 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Ferrari were worth $51,968,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Rothschild Investment LLC acquired a new stake in shares of Ferrari in the second quarter worth about $29,000. Register Financial Advisors LLC acquired a new stake in Ferrari in the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. bought a new stake in Ferrari during the second quarter worth approximately $33,000. Denver PWM LLC acquired a new position in Ferrari during the second quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. raised its position in shares of Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after purchasing an additional 59 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RACE. 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. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI raised their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One equities 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. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $502.14.

Ferrari Trading Up 0.8 %

Shares of NYSE:RACE opened at $486.43 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. Ferrari has a 1-year low of $296.34 and a 1-year high of $498.23. The business’s 50 day moving average is $472.13 and its 200-day moving average is $436.82.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share 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 firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the company earned $1.99 earnings per share. The business’s revenue was up 16.1% compared to the same quarter last year. As a group, sell-side analysts expect 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.