Assetmark Inc. Increases Holdings in Ferrari (NYSE:RACE)

Assetmark Inc. raised its holdings in Ferrari (NYSE:RACE) by 11.1% during the third quarter, Holdings Channel.com reports. The firm owned 1,550 shares of the company’s stock after purchasing an additional 155 shares during the period. Assetmark Inc.’s holdings in Ferrari were worth $729,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RACE. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Ferrari during the 3rd quarter valued at approximately $29,000. Rothschild Investment LLC purchased a new position in Ferrari in the 2nd quarter valued at approximately $29,000. Valley Wealth Managers Inc. purchased a new position in Ferrari during the second quarter worth $33,000. Denver PWM LLC purchased a new position in Ferrari during the second quarter worth $35,000. Finally, FSC Wealth Advisors LLC purchased a new stake in shares of Ferrari in the third quarter valued at $47,000.

Wall Street Analysts Forecast Growth

RACE has been the topic of a number of recent research reports. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. UBS Group boosted their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Morgan Stanley boosted their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. Finally, StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Down 2.1 %

Shares of NYSE RACE opened at $430.99 on Friday. The company’s fifty day simple moving average is $467.02 and its 200 day simple moving average is $441.95. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the firm posted $1.98 EPS. Ferrari’s revenue was up 6.5% on a year-over-year basis. On average, equities analysts predict that Ferrari will post 8.75 EPS for the current fiscal year.

Ferrari Company 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.