Ferrari (NYSE:RACE) Shares Purchased by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC grew its holdings in shares of Ferrari (NYSE:RACE) by 2.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,191 shares of the company’s stock after buying an additional 1,967 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Ferrari were worth $39,109,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in RACE. Jennison Associates LLC lifted its position in shares of Ferrari by 910.1% during the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares in the last quarter. Legal & General Group Plc lifted its holdings in Ferrari by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after buying an additional 30,014 shares in the last quarter. International Assets Investment Management LLC boosted its position in Ferrari by 47,023.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after buying an additional 1,178,410 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Ferrari by 108.4% during the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after acquiring an additional 461,409 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in shares of Ferrari by 25.8% during the second quarter. Clearbridge Investments LLC now owns 479,135 shares of the company’s stock worth $195,664,000 after acquiring an additional 98,225 shares during the last quarter.

Ferrari Stock Up 0.5 %

Shares of RACE stock opened at $454.18 on Friday. The business has a 50 day moving average of $455.46 and a two-hundred day moving average of $445.70. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same period last year, the business posted $1.98 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities analysts predict that Ferrari will post 8.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RACE has been the subject of a number of recent analyst reports. Evercore ISI raised their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley increased their price objective 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. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari 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.