Ritholtz Wealth Management Acquires New Stake in Ferrari (NYSE:RACE)

Ritholtz Wealth Management bought a new position in Ferrari (NYSE:RACE) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 476 shares of the company’s stock, valued at approximately $224,000.

A number of other large investors have also made changes to their positions in RACE. Rothschild Investment LLC bought a new position in Ferrari in the 2nd quarter worth $29,000. Register Financial Advisors LLC purchased a new stake in Ferrari in the first quarter worth about $33,000. Valley Wealth Managers Inc. bought a new position in shares of Ferrari in the second quarter worth about $33,000. Denver PWM LLC purchased a new position in shares of Ferrari during the 2nd quarter valued at about $35,000. Finally, Pittenger & Anderson Inc. increased its holdings in Ferrari by 168.6% in the 1st 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.

Ferrari Stock Performance

NYSE:RACE opened at $482.36 on Friday. 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 company has a market cap of $89.12 billion, a price-to-earnings ratio of 61.60, a PEG 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 stock’s 50 day simple moving average is $468.22 and its two-hundred day simple moving average is $435.04.

Ferrari (NYSE:RACE) last announced 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 net margin of 21.84% and a return on equity of 45.13%. The company had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the business posted $1.99 earnings per share. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. As a group, equities analysts anticipate that Ferrari will post 8.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RACE shares. Morgan Stanley upped their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group increased their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $487.86.

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.