Zurcher Kantonalbank Zurich Cantonalbank Has $39.22 Million Stock Position in Ferrari (NYSE:RACE)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Ferrari (NYSE:RACE) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 83,737 shares of the company’s stock after acquiring an additional 988 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ferrari were worth $39,223,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Virtu Financial LLC purchased a new stake in shares of Ferrari in the first quarter valued at $293,000. LRI Investments LLC purchased a new position in Ferrari during the 1st quarter valued at about $87,000. Atria Investments Inc increased its holdings in shares of Ferrari by 34.6% in the 1st quarter. Atria Investments Inc now owns 7,017 shares of the company’s stock valued at $3,059,000 after purchasing an additional 1,804 shares during the period. Cetera Investment Advisers lifted its position in shares of Ferrari by 133.8% in the first quarter. Cetera Investment Advisers now owns 9,594 shares of the company’s stock worth $4,185,000 after purchasing an additional 5,490 shares in the last quarter. Finally, Cetera Advisors LLC grew its position in Ferrari by 56.1% during the first quarter. Cetera Advisors LLC now owns 3,524 shares of the company’s stock valued at $1,537,000 after purchasing an additional 1,267 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on RACE shares. Morgan Stanley lifted their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Evercore ISI raised their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group lifted their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Performance

Shares of RACE stock opened at $431.57 on Friday. The business’s 50 day moving average is $459.73 and its two-hundred day moving average is $443.07. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23.

Ferrari (NYSE:RACE) last announced its 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). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the business earned $1.98 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. Sell-side analysts predict that Ferrari will post 8.66 earnings per share for the current year.

Ferrari 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.