Blueshift Asset Management LLC Purchases 780 Shares of Ferrari (NYSE:RACE)

Blueshift Asset Management LLC increased its holdings in Ferrari (NYSE:RACE) by 42.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,615 shares of the company’s stock after acquiring an additional 780 shares during the quarter. Blueshift Asset Management LLC’s holdings in Ferrari were worth $1,229,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new position in Ferrari during the second quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the 3rd quarter valued at $29,000. Planning Capital Management Corp purchased a new position in shares of Ferrari in the 3rd quarter valued at $30,000. Valley Wealth Managers Inc. bought a new position in shares of Ferrari in the 2nd quarter worth $33,000. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of Ferrari during the 3rd quarter worth $33,000.

Ferrari Stock Performance

Ferrari stock opened at $431.40 on Wednesday. The business’s 50-day simple moving average is $461.10 and its two-hundred day simple moving average is $443.24. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the company earned $1.98 EPS. Ferrari’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts forecast that Ferrari will post 8.66 EPS for the current year.

Analysts Set New Price Targets

RACE has been the topic of a number of recent analyst reports. Evercore ISI raised their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. UBS Group upped their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average target price of $507.14.

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.