E Fund Management Hong Kong Co. Ltd. Purchases Shares of 62 Ferrari (NYSE:RACE)

E Fund Management Hong Kong Co. Ltd. purchased a new stake in Ferrari (NYSE:RACE) in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 62 shares of the company’s stock, valued at approximately $29,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Blue Trust Inc. increased 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 purchasing an additional 1,180 shares in the last quarter. Raymond James & Associates increased its stake 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 in the last quarter. Jennison Associates LLC increased 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 purchasing an additional 25,228 shares in the last quarter. Capital Wealth Planning LLC increased its stake in Ferrari by 127.6% in the first quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after purchasing an additional 4,211 shares in the last quarter. Finally, Gateway Investment Advisers LLC increased its position in shares of Ferrari by 46.7% during the second quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock worth $2,803,000 after acquiring an additional 2,185 shares in the last quarter.

Ferrari Stock Down 1.9 %

Ferrari stock opened at $478.80 on Thursday. Ferrari has a fifty-two week low of $300.00 and a fifty-two week high of $498.23. The firm’s 50-day simple moving average is $474.25 and its 200 day simple moving average is $439.16. 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 quarterly 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. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.99 earnings per share. Equities analysts forecast that Ferrari will post 8.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RACE shares. Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.14.

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.