Strategy Asset Managers LLC Purchases New Position in Ferrari (NYSE:RACE)

Strategy Asset Managers LLC acquired a new position in shares of Ferrari (NYSE:RACE) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 535 shares of the company’s stock, valued at approximately $252,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC boosted its stake in shares of Ferrari by 14.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 7,250 shares of the company’s stock worth $3,161,000 after acquiring an additional 940 shares in the last quarter. Pitcairn Co. purchased a new position in Ferrari during the first quarter worth approximately $322,000. CreativeOne Wealth LLC acquired a new stake in Ferrari in the first quarter valued at approximately $963,000. Advisors Asset Management Inc. increased its position in shares of Ferrari by 2.2% in the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock valued at $629,000 after buying an additional 31 shares in the last quarter. Finally, Capital Group Investment Management PTE. LTD. increased its position in shares of Ferrari by 120.7% in the first quarter. Capital Group Investment Management PTE. LTD. now owns 1,633 shares of the company’s stock valued at $713,000 after buying an additional 893 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on RACE shares. Morgan Stanley lifted their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. UBS Group raised their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Down 0.3 %

Shares of Ferrari stock opened at $427.16 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The stock’s 50 day simple moving average is $463.76 and its 200-day simple moving average is $442.32. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23.

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

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.