Raymond James & Associates Buys 693 Shares of Ferrari (NYSE:RACE)

Raymond James & Associates boosted its stake in shares of Ferrari (NYSE:RACE) by 1.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,940 shares of the company’s stock after acquiring an additional 693 shares during the period. Raymond James & Associates’ holdings in Ferrari were worth $23,948,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rothschild Investment LLC bought a new position in shares of Ferrari in the second quarter worth $29,000. Register Financial Advisors LLC acquired a new stake in Ferrari during the first quarter worth about $33,000. Valley Wealth Managers Inc. bought a new position in Ferrari in the 2nd quarter valued at about $33,000. Denver PWM LLC acquired a new position in shares of Ferrari in the 2nd quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. lifted its holdings in shares of Ferrari by 168.6% during the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after acquiring an additional 59 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. Finally, Evercore ISI increased their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.14.

Ferrari Trading Up 0.8 %

NYSE RACE opened at $486.43 on Friday. Ferrari has a 12 month low of $296.34 and a 12 month high of $498.23. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The business’s 50-day moving average price is $472.13 and its two-hundred day moving average price is $436.82.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the firm earned $1.99 earnings per share. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. Sell-side analysts expect that Ferrari will post 8.65 earnings per share 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.