Wealth Alliance Raises Stock Holdings in Ferrari (NYSE:RACE)

Wealth Alliance lifted its holdings in shares of Ferrari (NYSE:RACE) by 4.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,336 shares of the company’s stock after acquiring an additional 62 shares during the quarter. Wealth Alliance’s holdings in Ferrari were worth $546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP increased its position in Ferrari by 8.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 112,629 shares of the company’s stock worth $38,117,000 after buying an additional 9,010 shares during the last quarter. Independent Advisor Alliance purchased a new stake in Ferrari in the fourth quarter worth $208,000. PNC Financial Services Group Inc. increased its position in Ferrari by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,585 shares of the company’s stock worth $5,275,000 after buying an additional 456 shares during the last quarter. Coldstream Capital Management Inc. increased its position in Ferrari by 10.3% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,749 shares of the company’s stock worth $592,000 after buying an additional 164 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Ferrari by 4.6% in the fourth quarter. Wells Fargo & Company MN now owns 85,688 shares of the company’s stock worth $28,999,000 after buying an additional 3,759 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RACE shares. Morgan Stanley raised their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group raised 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. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven 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 $481.67.

Ferrari Price Performance

NYSE:RACE opened at $457.81 on Thursday. The firm has a market capitalization of $84.58 billion, a price-to-earnings ratio of 58.47, a P/E/G ratio of 4.98 and a beta of 1.00. Ferrari has a 52-week low of $285.02 and a 52-week high of $498.23. The stock has a fifty day moving average of $448.90 and a 200 day moving average of $429.25. 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 (NYSE:RACE) last posted its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the company earned $1.99 earnings per share. On average, research analysts expect that Ferrari will post 8.71 EPS for the current fiscal 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.