Ferrari (NYSE:RACE) Shares Acquired by Elite Wealth Management Inc.

Elite Wealth Management Inc. boosted its holdings in Ferrari (NYSE:RACE) by 7.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,581 shares of the company’s stock after purchasing an additional 172 shares during the quarter. Ferrari makes up approximately 0.0% of Elite Wealth Management Inc.’s holdings, making the stock its 23rd largest position. Elite Wealth Management Inc.’s holdings in Ferrari were worth $1,054,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Ferrari by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock valued at $1,983,498,000 after purchasing an additional 61,588 shares during the period. Capital Research Global Investors boosted its holdings in Ferrari by 3.9% in the first quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock valued at $579,585,000 after acquiring an additional 49,367 shares during the last quarter. Capital International Investors grew its holdings in shares of Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after purchasing an additional 791,596 shares during the period. Capital World Investors grew its stake in Ferrari by 34.3% during the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock worth $419,547,000 after buying an additional 245,872 shares during the period. Finally, Banco Santander S.A. raised its position in Ferrari by 14.5% in the first quarter. Banco Santander S.A. now owns 630,082 shares of the company’s stock valued at $274,678,000 after purchasing an additional 79,734 shares during the period.

Analyst Ratings Changes

A number of analysts have recently issued reports on RACE shares. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. UBS Group increased their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Morgan Stanley boosted their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $481.67.

Ferrari Stock Up 3.5 %

Shares of Ferrari stock opened at $473.66 on Friday. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. The business has a 50-day moving average of $449.81 and a two-hundred day moving average of $429.56.

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. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. The business’s quarterly revenue was up 16.1% on a year-over-year basis. Analysts anticipate that Ferrari will post 8.71 EPS for the current 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.