First Trust Direct Indexing L.P. Purchases 284 Shares of Ferrari (NYSE:RACE)

First Trust Direct Indexing L.P. raised its stake in shares of Ferrari (NYSE:RACE) by 8.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 3,656 shares of the company’s stock after purchasing an additional 284 shares during the period. First Trust Direct Indexing L.P.’s holdings in Ferrari were worth $1,719,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in RACE. Rothschild Investment LLC acquired a new position in Ferrari during the 2nd quarter valued at about $29,000. Valley Wealth Managers Inc. purchased a new position in shares of Ferrari in the 2nd quarter worth approximately $33,000. Denver PWM LLC purchased a new position in shares of Ferrari in the 2nd quarter worth approximately $35,000. Pittenger & Anderson Inc. boosted its stake in shares of Ferrari by 168.6% in the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after buying an additional 59 shares during the last quarter. Finally, FSC Wealth Advisors LLC purchased a new position in shares of Ferrari in the 3rd quarter worth approximately $47,000.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on RACE shares. Evercore ISI boosted their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, Morgan Stanley upped their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $502.14.

Ferrari Trading Down 0.6 %

Shares of RACE stock opened at $475.94 on Friday. The company’s fifty day simple moving average is $474.23 and its two-hundred day simple moving average is $439.41. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a 1 year low of $300.00 and a 1 year high of $498.23. The stock has a market capitalization of $87.93 billion, a price-to-earnings ratio of 57.34, a PEG ratio of 5.15 and a beta of 0.99.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’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 firm posted $1.99 EPS. As a group, analysts anticipate that Ferrari will post 8.65 earnings per share 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.