Baillie Gifford & Co. Has $2.75 Billion Holdings in Ferrari (NYSE:RACE)

Baillie Gifford & Co. trimmed its holdings in Ferrari (NYSE:RACE) by 2.5% during the third quarter, Holdings Channel reports. The firm owned 5,871,198 shares of the company’s stock after selling 148,148 shares during the quarter. Ferrari comprises about 2.1% of Baillie Gifford & Co.’s holdings, making the stock its 16th largest position. Baillie Gifford & Co.’s holdings in Ferrari were worth $2,750,105,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari during the 3rd quarter valued at about $29,000. Rothschild Investment LLC bought a new position in Ferrari during the second quarter valued at $29,000. Ashton Thomas Securities LLC purchased a new position in shares of Ferrari in the third quarter worth about $33,000. Valley Wealth Managers Inc. bought a new position in Ferrari in the 2nd quarter worth about $33,000. Finally, Denver PWM LLC bought a new position in shares of Ferrari in the second quarter valued at approximately $35,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RACE shares. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. 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 report on Tuesday, August 27th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. 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. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

Shares of RACE stock opened at $452.45 on Tuesday. 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 has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The stock’s 50-day simple moving average is $469.69 and its 200-day simple moving average is $441.87.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.98 EPS. On average, analysts forecast 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.