Fred Alger Management LLC Purchases 5,235 Shares of Ferrari (NYSE:RACE)

Fred Alger Management LLC boosted its position in shares of Ferrari (NYSE:RACE) by 15.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 38,490 shares of the company’s stock after purchasing an additional 5,235 shares during the quarter. Fred Alger Management LLC’s holdings in Ferrari were worth $18,095,000 as of its most recent SEC filing.

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

Ferrari Trading Up 0.6 %

Ferrari stock opened at $434.16 on Friday. The company has a market cap of $80.21 billion, a price-to-earnings ratio of 50.43, a P/E/G ratio of 4.01 and a beta of 0.99. The firm has a 50-day moving average of $459.00 and a 200-day moving average of $443.27. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a one year low of $330.15 and a one year high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the company posted $1.98 earnings per share. On average, equities analysts expect that Ferrari will post 8.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. UBS Group raised their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, Evercore ISI lifted their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

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.