Atria Investments Inc Increases Stock Position in Ferrari (NYSE:RACE)

Atria Investments Inc boosted its stake in shares of Ferrari (NYSE:RACE) by 34.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,017 shares of the company’s stock after buying an additional 1,804 shares during the quarter. Atria Investments Inc’s holdings in Ferrari were worth $3,059,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Ferrari in the fourth quarter valued at approximately $572,523,000. Capital International Investors boosted its stake in shares of Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after purchasing an additional 791,596 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Ferrari in the fourth quarter valued at approximately $162,296,000. Alphinity Investment Management Pty Ltd boosted its stake in shares of Ferrari by 73.7% in the fourth quarter. Alphinity Investment Management Pty Ltd now owns 924,662 shares of the company’s stock valued at $311,740,000 after purchasing an additional 392,401 shares during the period. Finally, Clearbridge Investments LLC boosted its stake in shares of Ferrari by 6,024.9% in 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 during the period.

Wall Street Analyst Weigh In

Several research analysts have recently commented on RACE shares. Bank of America raised their price objective on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday. Finally, Evercore ISI raised their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $461.67.

Ferrari Stock Up 2.8 %

RACE stock traded up $11.97 during midday trading on Friday, reaching $433.59. 535,440 shares of the company were exchanged, compared to its average volume of 199,675. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. Ferrari has a 1-year low of $285.02 and a 1-year high of $442.80. The stock’s 50-day simple moving average is $417.91 and its 200 day simple moving average is $409.25.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.20%. The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Analysts forecast that Ferrari will post 8.51 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.