NewEdge Advisors LLC Purchases 639 Shares of Ferrari (NYSE:RACE)

NewEdge Advisors LLC raised its position in Ferrari (NYSE:RACE) by 23.1% during the second quarter, Holdings Channel reports. The fund owned 3,401 shares of the company’s stock after acquiring an additional 639 shares during the period. NewEdge Advisors LLC’s holdings in Ferrari were worth $1,389,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Rothschild Investment LLC purchased a new stake in shares of Ferrari during the 2nd quarter valued at about $29,000. Register Financial Advisors LLC bought a new stake in Ferrari during the first quarter valued at approximately $33,000. Valley Wealth Managers Inc. bought a new stake in Ferrari during the second quarter valued at approximately $33,000. Denver PWM LLC purchased a new stake in Ferrari during the second quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. raised its position in Ferrari by 168.6% in the first 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 Ratings Changes

A number of equities research analysts have recently issued reports on RACE shares. UBS Group boosted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Finally, Morgan Stanley boosted 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 analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Ferrari has a consensus rating of “Moderate Buy” and a consensus price target of $481.67.

Ferrari Stock Performance

NYSE RACE opened at $449.81 on Friday. The business has a 50-day moving average price of $459.71 and a 200-day moving average price of $433.14. Ferrari has a twelve month low of $296.34 and a twelve month 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 quarterly 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 business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.99 EPS. Equities analysts predict that Ferrari will post 8.81 earnings per share for the current 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.