Fred Alger Management LLC Has $18.10 Million Stock Position in Ferrari (NYSE:RACE)

Fred Alger Management LLC boosted its holdings in shares of Ferrari (NYSE:RACE) by 15.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,490 shares of the company’s stock after buying an additional 5,235 shares during the quarter. Fred Alger Management LLC’s holdings in Ferrari were worth $18,095,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of RACE. Jamison Private Wealth Management Inc. lifted its position in shares of Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after buying an additional 22 shares during the last quarter. Contravisory Investment Management Inc. boosted its position in Ferrari by 4.6% during the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after purchasing an additional 23 shares during the period. First Citizens Bank & Trust Co. boosted its position in Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after purchasing an additional 25 shares during the period. Columbia Asset Management increased its holdings in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares during the last quarter. Finally, Elite Wealth Management Inc. raised its position in shares of Ferrari by 1.0% in the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after purchasing an additional 25 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RACE. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. UBS Group upped their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

NYSE:RACE 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 PEG ratio of 4.01 and a beta of 0.99. The stock has a fifty day moving average price of $459.00 and a 200-day moving average price of $443.27. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

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

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.