Axxcess Wealth Management LLC Acquires 101 Shares of Ferrari (NYSE:RACE)

Axxcess Wealth Management LLC raised its holdings in shares of Ferrari (NYSE:RACE) by 20.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 601 shares of the company’s stock after acquiring an additional 101 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Ferrari were worth $283,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of RACE. Rothschild Investment LLC bought a new stake in shares of Ferrari in the second quarter worth about $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Ferrari in the third quarter worth about $29,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari in the second quarter worth about $33,000. Denver PWM LLC bought a new stake in shares of Ferrari in the second quarter worth about $35,000. Finally, FSC Wealth Advisors LLC bought a new stake in Ferrari during the third quarter worth approximately $47,000.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $440.21 on Friday. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The business has a 50 day simple moving average of $467.76 and a two-hundred day simple moving average of $441.96. 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 results 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 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 firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.98 EPS. Equities analysts anticipate that Ferrari will post 8.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on RACE shares. Morgan Stanley boosted their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Evercore ISI boosted their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group boosted their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. 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 company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

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.