Fred Alger Management LLC Has $13.58 Million Stock Position in Ferrari (NYSE:RACE)

Fred Alger Management LLC reduced its position in Ferrari (NYSE:RACE) by 9.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,255 shares of the company’s stock after selling 3,637 shares during the period. Fred Alger Management LLC’s holdings in Ferrari were worth $13,580,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurich Insurance Group Ltd FI increased its stake in shares of Ferrari by 20.3% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 83,729 shares of the company’s stock worth $34,155,000 after purchasing an additional 14,155 shares during the last quarter. Insigneo Advisory Services LLC boosted its holdings in Ferrari by 47.0% in the second quarter. Insigneo Advisory Services LLC now owns 798 shares of the company’s stock worth $338,000 after purchasing an additional 255 shares in the last quarter. Marshall Wace LLP increased its position in Ferrari by 108.4% during the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after buying an additional 461,409 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in Ferrari by 6.4% during the second quarter. Evergreen Capital Management LLC now owns 1,565 shares of the company’s stock valued at $639,000 after buying an additional 94 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in Ferrari by 5.8% during the second quarter. Public Sector Pension Investment Board now owns 52,954 shares of the company’s stock valued at $21,606,000 after buying an additional 2,915 shares in the last quarter.

Ferrari Trading Down 0.9 %

Shares of Ferrari stock opened at $473.69 on Thursday. The company has a market cap of $87.51 billion, a price-to-earnings ratio of 60.50, a PEG ratio of 4.97 and a beta of 1.00. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The company’s fifty day simple moving average is $452.45 and its 200-day simple moving average is $430.97. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period last year, the business posted $1.99 EPS. As a group, sell-side analysts expect that Ferrari will post 8.81 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, UBS Group upped their price objective 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 research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.