Ashton Thomas Securities LLC Buys New Holdings in Ferrari (NYSE:RACE)

Ashton Thomas Securities LLC purchased a new position in shares of Ferrari (NYSE:RACE) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 71 shares of the company’s stock, valued at approximately $33,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in shares of Ferrari by 3,806.5% in the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after buying an additional 1,180 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Ferrari by 1.3% during the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after acquiring an additional 655 shares during the period. Gateway Investment Advisers LLC boosted its stake in shares of Ferrari by 46.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock valued at $2,803,000 after purchasing an additional 2,185 shares in the last quarter. Rheos Capital Works Inc. grew its holdings in shares of Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after purchasing an additional 26,000 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Ferrari by 213.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 62,081 shares of the company’s stock worth $27,082,000 after purchasing an additional 42,290 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on RACE. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Evercore ISI increased their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. raised 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, UBS Group increased their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. One equities 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 data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Up 0.1 %

RACE opened at $440.21 on Friday. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a 50 day simple moving average of $467.76 and a 200 day simple moving average of $441.96.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business’s revenue was up 6.5% compared to the same quarter last year. During the same period last year, the company earned $1.98 earnings per share. Equities research analysts anticipate that Ferrari will post 8.75 earnings per share for the current fiscal 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.