Secure Asset Management LLC Acquires New Position in Ferrari N.V. $RACE

Secure Asset Management LLC acquired a new stake in shares of Ferrari N.V. (NYSE:RACE) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,997 shares of the company’s stock, valued at approximately $2,233,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. Fideuram Asset Management Ireland dac acquired a new stake in shares of Ferrari in the 4th quarter valued at approximately $29,000. Entrust Financial LLC acquired a new position in Ferrari during the 4th quarter worth approximately $33,000. Bellevue Asset Management LLC acquired a new position in Ferrari during the 1st quarter worth approximately $34,000. Bamco Inc. NY lifted its stake in Ferrari by 790.9% in the 4th quarter. Bamco Inc. NY now owns 98 shares of the company’s stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. Finally, Dunhill Financial LLC bought a new position in Ferrari in the 2nd quarter valued at approximately $38,000.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Citigroup reaffirmed a “neutral” rating on shares of Ferrari in a research note on Monday, August 3rd. Morgan Stanley reiterated an “overweight” rating and issued a $442.00 price target on shares of Ferrari in a research note on Friday, July 31st. Sanford C. Bernstein raised their price objective on Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Wolfe Research initiated coverage on Ferrari in a research report on Tuesday, July 7th. They set an “outperform” rating on the stock. Finally, UBS Group lowered their target price on Ferrari from $497.00 to $490.00 and set a “buy” rating for the company in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $477.15.

More Ferrari News

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari completed the second tranche of its multi-year share-repurchase program and announced the third tranche. The buyback program is part of an approximately €3.5 billion capital-return plan expected to run through 2030, which could reduce the share count and support earnings per share and shareholder returns. Ferrari share repurchase program announcement

Ferrari Trading Down 2.9%

Shares of NYSE RACE opened at $410.14 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 3.70 and a current ratio of 4.85. Ferrari N.V. has a 52-week low of $312.51 and a 52-week high of $504.49. The firm has a 50 day moving average price of $393.01 and a two-hundred day moving average price of $363.94. The stock has a market cap of $95.95 billion, a P/E ratio of 38.08, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Friday, July 31st. The company reported $2.99 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.16. The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.14 billion. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. Ferrari’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.38 earnings per share. As a group, equities analysts forecast that Ferrari N.V. will post 11.18 EPS for the current year.

Ferrari Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.