Wedmont Private Capital Acquires Shares of 477 Ferrari (NYSE:RACE)

Wedmont Private Capital bought a new position in shares of Ferrari (NYSE:RACE) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 477 shares of the company’s stock, valued at approximately $214,000.

A number of other large investors have also made changes to their positions in the stock. Syon Capital LLC grew its holdings in Ferrari by 54.2% in the 4th quarter. Syon Capital LLC now owns 1,070 shares of the company’s stock valued at $362,000 after buying an additional 376 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Ferrari by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after acquiring an additional 46,938 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of Ferrari by 13.1% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 2,420 shares of the company’s stock valued at $819,000 after purchasing an additional 280 shares during the period. PNC Financial Services Group Inc. increased its position in Ferrari by 3.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 15,585 shares of the company’s stock worth $5,275,000 after purchasing an additional 456 shares during the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Ferrari during the fourth quarter worth about $25,497,000.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RACE shares. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. UBS Group raised their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Morgan Stanley lifted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $385.00 to $525.00 in a report on Friday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus target price of $487.86.

Ferrari Stock Up 3.5 %

Shares of NYSE:RACE opened at $469.08 on Monday. The firm has a market capitalization of $86.66 billion, a PE ratio of 59.91, a price-to-earnings-growth ratio of 4.76 and a beta of 0.99. Ferrari has a 1 year low of $296.34 and a 1 year high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The firm’s 50-day moving average is $463.70 and its two-hundred day moving average is $433.90.

Ferrari (NYSE:RACE) last announced its 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 firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.99 EPS. Analysts predict that Ferrari will post 8.81 EPS 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.