Ferrari (NYSE:RACE) Shares Purchased by Bleakley Financial Group LLC

Bleakley Financial Group LLC increased its holdings in shares of Ferrari (NYSE:RACE) by 2.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,408 shares of the company’s stock after purchasing an additional 97 shares during the quarter. Bleakley Financial Group LLC’s holdings in Ferrari were worth $1,601,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RACE. B. Riley Wealth Advisors Inc. increased its position in shares of Ferrari by 13.1% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 2,420 shares of the company’s stock worth $819,000 after purchasing an additional 280 shares during the last quarter. Banque Cantonale Vaudoise grew its position in Ferrari by 67.7% in the 1st quarter. Banque Cantonale Vaudoise now owns 1,112 shares of the company’s stock valued at $485,000 after acquiring an additional 449 shares in the last quarter. Park Avenue Securities LLC grew its position in Ferrari by 24.8% in the 1st quarter. Park Avenue Securities LLC now owns 5,367 shares of the company’s stock valued at $2,342,000 after acquiring an additional 1,066 shares in the last quarter. International Assets Investment Management LLC grew its position in Ferrari by 104.1% in the 1st quarter. International Assets Investment Management LLC now owns 2,892 shares of the company’s stock valued at $1,249,000 after acquiring an additional 1,475 shares in the last quarter. Finally, Opal Wealth Advisors LLC acquired a new position in Ferrari in the 1st quarter valued at about $244,000.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RACE. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group lifted their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Finally, Morgan Stanley lifted their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $487.86.

Ferrari Price Performance

RACE stock opened at $482.35 on Friday. The business has a 50 day moving average price of $469.46 and a 200 day moving average price of $435.50. The stock has a market cap of $89.11 billion, a price-to-earnings ratio of 61.60, a PEG ratio of 5.00 and a beta of 0.99. Ferrari has a fifty-two week low of $296.34 and a fifty-two week high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.99 earnings per share. Equities research analysts anticipate that Ferrari will post 8.81 earnings per share for the current fiscal year.

Ferrari Company 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.