Stonebridge Capital Management Inc. Acquires 50 Shares of Ferrari (NYSE:RACE)

Stonebridge Capital Management Inc. lifted its holdings in Ferrari (NYSE:RACE) by 0.4% in the third quarter, HoldingsChannel reports. The fund owned 13,011 shares of the company’s stock after buying an additional 50 shares during the period. Ferrari makes up 2.4% of Stonebridge Capital Management Inc.’s investment portfolio, making the stock its 13th biggest position. Stonebridge Capital Management Inc.’s holdings in Ferrari were worth $6,117,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Parisi Gray Wealth Management increased its position in Ferrari by 17.9% during the 3rd quarter. Parisi Gray Wealth Management now owns 1,264 shares of the company’s stock valued at $592,000 after purchasing an additional 192 shares during the period. SG Americas Securities LLC lifted its stake in Ferrari by 529.5% during the 3rd quarter. SG Americas Securities LLC now owns 8,561 shares of the company’s stock valued at $4,025,000 after acquiring an additional 7,201 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Ferrari by 1,450.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 77,500 shares of the company’s stock valued at $31,649,000 after acquiring an additional 72,500 shares during the period. Sanctuary Advisors LLC bought a new position in Ferrari during the 2nd quarter valued at about $5,182,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Ferrari in the 2nd quarter worth approximately $112,000.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RACE. UBS Group increased their price objective on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. 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 report on Tuesday, August 27th. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari Price Performance

Shares of RACE opened at $449.61 on Tuesday. The business has a fifty day moving average of $459.71 and a 200 day moving average of $433.14. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the company earned $1.99 earnings per share. The business’s revenue for the quarter was up 16.1% compared to the same quarter last year. On average, research analysts predict that Ferrari will post 8.81 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.