Baillie Gifford & Co. Cuts Stock Holdings in Ferrari (NYSE:RACE)

Baillie Gifford & Co. decreased its position in Ferrari (NYSE:RACE) by 2.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,871,198 shares of the company’s stock after selling 148,148 shares during the quarter. Ferrari accounts for about 2.1% of Baillie Gifford & Co.’s holdings, making the stock its 16th biggest holding. Baillie Gifford & Co.’s holdings in Ferrari were worth $2,750,105,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Ferrari by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after purchasing an additional 61,588 shares during the period. Capital Research Global Investors grew its holdings in shares of Ferrari by 3.9% in the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after acquiring an additional 49,367 shares during the period. Legal & General Group Plc increased its position in shares of Ferrari by 2.4% in the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after buying an additional 30,014 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of 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 purchasing an additional 1,178,410 shares in the last quarter. Finally, Capital International Investors increased its position in Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after buying an additional 791,596 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. UBS Group boosted 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. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Morgan Stanley raised their price target 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. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI increased their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report 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’s stock. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $452.45 on Tuesday. The company’s 50-day moving average price is $469.69 and its two-hundred day moving average price is $441.87. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (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 return on equity of 44.67% and a net margin of 22.16%. Ferrari’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.98 earnings per share. On average, sell-side analysts predict that Ferrari will post 8.75 EPS 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.