Prospera Financial Services Inc Acquires Shares of 546 Ferrari (NYSE:RACE)

Prospera Financial Services Inc acquired a new stake in Ferrari (NYSE:RACE) in the third quarter, HoldingsChannel reports. The institutional investor acquired 546 shares of the company’s stock, valued at approximately $257,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its position in shares of Ferrari by 2.2% during the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock worth $629,000 after purchasing an additional 31 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of Ferrari by 10.4% during the first quarter. Janus Henderson Group PLC now owns 77,864 shares of the company’s stock worth $34,013,000 after purchasing an additional 7,336 shares during the last quarter. Castleark Management LLC lifted its position in shares of Ferrari by 495.5% during the first quarter. Castleark Management LLC now owns 18,104 shares of the company’s stock worth $7,892,000 after purchasing an additional 15,064 shares during the last quarter. SkyView Investment Advisors LLC bought a new position in shares of Ferrari during the first quarter worth about $1,341,000. Finally, Western Pacific Wealth Management LP lifted its position in shares of Ferrari by 989.3% during the first quarter. Western Pacific Wealth Management LP now owns 305 shares of the company’s stock worth $133,000 after purchasing an additional 277 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on RACE shares. UBS Group increased their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Evercore ISI increased their price objective on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Morgan Stanley increased their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note 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 MarketBeat.com, Ferrari has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

Shares of NYSE:RACE opened at $435.24 on Tuesday. The firm’s 50 day moving average is $461.73 and its two-hundred day moving average is $443.05. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. The firm has a market capitalization of $80.41 billion, a P/E ratio of 50.55, a PEG ratio of 4.07 and a beta of 0.99. 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 (NYSE:RACE) last announced its quarterly 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 net margin of 22.16% and a return on equity of 44.67%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the business posted $1.98 EPS. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. Analysts anticipate that Ferrari will post 8.66 earnings per share for the current year.

About Ferrari

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.