Farther Finance Advisors LLC Grows Position in Ferrari (NYSE:RACE)

Farther Finance Advisors LLC boosted its stake in shares of Ferrari (NYSE:RACE) by 83.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 728 shares of the company’s stock after acquiring an additional 331 shares during the period. Farther Finance Advisors LLC’s holdings in Ferrari were worth $342,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. International Assets Investment Management LLC boosted its holdings in shares of Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after purchasing an additional 1,178,410 shares during the last quarter. Capital International Investors grew its holdings in Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares in the last quarter. Marshall Wace LLP increased its stake in Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after acquiring an additional 461,409 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of Ferrari by 6,024.9% during the 1st quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock worth $166,054,000 after acquiring an additional 374,691 shares in the last quarter. Finally, Capital World Investors boosted its position in shares of Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after acquiring an additional 245,872 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RACE. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. UBS Group raised their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Evercore ISI boosted their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

RACE opened at $453.05 on Friday. Ferrari has a one year low of $330.15 and a one year 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 stock’s 50 day moving average price is $472.17 and its 200-day moving average price is $440.93.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.98 EPS. On average, sell-side analysts forecast that Ferrari will post 8.65 earnings per share 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.