Sequoia Financial Advisors LLC Increases Stock Position in Ferrari (NYSE:RACE)

Sequoia Financial Advisors LLC raised its holdings in shares of Ferrari (NYSE:RACE) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,362 shares of the company’s stock after purchasing an additional 53 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Ferrari were worth $2,051,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Capital International Investors raised its stake in Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares in the last quarter. Marshall Wace LLP raised its stake in Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after acquiring an additional 461,409 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in Ferrari by 6,024.9% in the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock worth $166,054,000 after purchasing an additional 374,691 shares during the period. Capital World Investors lifted its stake in shares of Ferrari by 34.3% in the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after acquiring an additional 245,872 shares during the period. Finally, Capital International Inc. CA lifted its position in Ferrari by 207.3% in the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock worth $103,419,000 after purchasing an additional 160,055 shares during the period.

Ferrari Price Performance

Shares of NYSE RACE opened at $486.43 on Friday. Ferrari has a 12 month low of $296.34 and a 12 month high of $498.23. The business’s 50 day moving average is $472.13 and its two-hundred day moving average is $436.82. 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 issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 earnings per share. On average, analysts predict that Ferrari will post 8.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI boosted their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $502.14.

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.