Pictet Asset Management Holding SA Acquires 6,174 Shares of Ferrari N.V. $RACE

Pictet Asset Management Holding SA grew its stake in shares of Ferrari N.V. (NYSE:RACE) by 1.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 333,661 shares of the company’s stock after purchasing an additional 6,174 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Ferrari were worth $111,279,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Community Bank N.A. bought a new stake in Ferrari during the 3rd quarter valued at about $33,000. Fideuram Asset Management Ireland dac purchased a new stake in Ferrari during the fourth quarter valued at approximately $29,000. Entrust Financial LLC acquired a new stake in Ferrari in the fourth quarter worth about $33,000. Bamco Inc. NY grew its stake in shares of Ferrari by 790.9% during the fourth quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after acquiring an additional 87 shares during the last quarter. Finally, CoreCap Advisors LLC increased its holdings in shares of Ferrari by 70.0% during the fourth quarter. CoreCap Advisors LLC now owns 102 shares of the company’s stock valued at $38,000 after acquiring an additional 42 shares in the last quarter.

Ferrari Stock Performance

RACE opened at $367.78 on Monday. The company has a current ratio of 5.20, a quick ratio of 4.08 and a debt-to-equity ratio of 0.72. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $519.10. The firm has a 50 day moving average of $347.55 and a two-hundred day moving average of $351.85. The firm has a market capitalization of $86.04 billion, a PE ratio of 35.29, a P/E/G ratio of 3.51 and a beta of 0.93.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RACE. Jefferies Financial Group raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Tuesday, March 31st. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Ferrari in a report on Tuesday, June 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Ferrari in a research note on Friday, April 10th. UBS Group cut their target price on Ferrari from $555.00 to $483.00 and set a “buy” rating on the stock in a research report on Wednesday, April 1st. Finally, Morgan Stanley upgraded Ferrari from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $388.00 to $438.00 in a research note on Monday, June 15th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $470.70.

About Ferrari

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.