Prospera Financial Services Inc Invests $257,000 in Ferrari (NYSE:RACE)

Prospera Financial Services Inc bought a new stake in Ferrari (NYSE:RACE) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 546 shares of the company’s stock, valued at approximately $257,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. lifted its stake in Ferrari by 3,806.5% in the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after buying an additional 1,180 shares in the last quarter. Raymond James & Associates raised its holdings in Ferrari by 1.3% in the 2nd 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 last quarter. Gateway Investment Advisers LLC raised its holdings in 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 acquiring an additional 2,185 shares during the last quarter. Rheos Capital Works Inc. raised its holdings in Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock valued at $52,511,000 after acquiring an additional 26,000 shares during the last quarter. Finally, LRI Investments LLC raised its holdings in Ferrari by 379.0% in the 2nd quarter. LRI Investments LLC now owns 958 shares of the company’s stock valued at $391,000 after acquiring an additional 758 shares during the last quarter.

Ferrari Stock Down 0.5 %

Shares of Ferrari stock opened at $435.24 on Tuesday. The company has a fifty day moving average price of $461.73 and a 200 day moving average price of $443.05. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23. The stock has a market cap of $80.41 billion, a price-to-earnings ratio of 50.55, a price-to-earnings-growth ratio of 4.07 and a beta of 0.99.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the company posted $1.98 earnings per share. Equities research analysts forecast that Ferrari will post 8.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on RACE. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. Morgan Stanley upped their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. UBS Group upped their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Evercore ISI upped their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari currently has an average rating of “Moderate Buy” and an average price target of $507.14.

About Ferrari

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.