Ballentine Partners LLC Boosts Stake in Ferrari (NYSE:RACE)

Ballentine Partners LLC grew its position in shares of Ferrari (NYSE:RACE) by 16.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,673 shares of the company’s stock after acquiring an additional 234 shares during the quarter. Ballentine Partners LLC’s holdings in Ferrari were worth $786,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RACE. Rothschild Investment LLC acquired a new stake in Ferrari during the 2nd quarter worth approximately $29,000. Register Financial Advisors LLC acquired a new stake in shares of Ferrari in the first quarter worth $33,000. Valley Wealth Managers Inc. purchased a new position in shares of Ferrari in the 2nd quarter valued at $33,000. Denver PWM LLC acquired a new position in shares of Ferrari during the 2nd quarter valued at $35,000. Finally, Pittenger & Anderson Inc. boosted its position in Ferrari by 168.6% during the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares during the period.

Analysts Set New Price Targets

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

Ferrari Stock Down 0.4 %

RACE opened at $484.73 on Friday. Ferrari has a 12-month low of $296.34 and a 12-month high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The firm’s fifty day moving average price is $473.28 and its 200 day moving average price is $437.59.

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 analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.99 EPS. On average, equities research analysts anticipate that Ferrari will post 8.65 earnings per share for the current fiscal 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.