Renaissance Technologies LLC Has $18.49 Million Stock Position in Ferrari (NYSE:RACE)

Renaissance Technologies LLC raised its holdings in shares of Ferrari (NYSE:RACE) by 84.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 45,348 shares of the company’s stock after purchasing an additional 20,733 shares during the period. Renaissance Technologies LLC’s holdings in Ferrari were worth $18,493,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Blue Trust Inc. boosted its stake in Ferrari by 3,806.5% in the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after acquiring an additional 1,180 shares during the last quarter. Logan Capital Management Inc. grew its stake in shares of Ferrari by 1.9% during the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after purchasing an additional 87 shares during the period. Raymond James & Associates increased its holdings in Ferrari by 1.3% in the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after purchasing an additional 655 shares during the last quarter. Vanguard Group Inc. lifted its stake in Ferrari by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after buying an additional 46,938 shares during the period. Finally, Jennison Associates LLC lifted its stake in Ferrari by 10.5% in the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after buying an additional 25,228 shares during the period.

Ferrari Price Performance

RACE stock opened at $470.56 on Friday. Ferrari has a 1-year low of $285.02 and a 1-year high of $498.23. The business’s 50 day simple moving average is $450.52 and its 200 day simple moving average is $429.95. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 earnings per share. As a group, analysts expect that Ferrari will post 8.71 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on RACE shares. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. UBS Group lifted their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Finally, Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One investment 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, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $481.67.

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.