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

Procyon Advisors LLC boosted its stake in Ferrari (NYSE:RACE) by 108.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,749 shares of the company’s stock after purchasing an additional 910 shares during the quarter. Procyon Advisors LLC’s holdings in Ferrari were worth $771,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Rothschild Investment LLC purchased a new stake in Ferrari in the second quarter valued at approximately $29,000. Register Financial Advisors LLC purchased a new stake in Ferrari in the first quarter valued at approximately $33,000. Valley Wealth Managers Inc. purchased a new position in shares of Ferrari during the second quarter worth approximately $33,000. Denver PWM LLC purchased a new position in shares of Ferrari during the second quarter worth approximately $35,000. Finally, Pittenger & Anderson Inc. raised its stake in shares of Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after acquiring an additional 59 shares in the last quarter.

Wall Street Analyst Weigh In

RACE has been the topic of several research reports. Morgan Stanley lifted their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. UBS Group lifted their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $487.86.

Ferrari Stock Down 1.8 %

Shares of Ferrari stock opened at $470.65 on Wednesday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23. The stock has a market capitalization of $86.95 billion, a price-to-earnings ratio of 60.11, a P/E/G ratio of 4.76 and a beta of 0.99. The company’s 50 day moving average price is $465.90 and its 200-day moving average price is $434.45.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.08. The business had revenue of $1.71 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.99 earnings per share. Equities research analysts forecast that Ferrari will post 8.81 EPS 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.