Benjamin Edwards Inc. Makes New $298,000 Investment in Ferrari (NYSE:RACE)

Benjamin Edwards Inc. purchased a new position in shares of Ferrari (NYSE:RACE) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 637 shares of the company’s stock, valued at approximately $298,000.

A number of other large investors also recently bought and sold shares of the stock. Blue Trust Inc. raised its stake in shares of Ferrari by 3,806.5% in the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after acquiring an additional 1,180 shares during the period. Cerity Partners LLC raised its stake in shares of Ferrari by 14.0% in the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock valued at $12,653,000 after acquiring an additional 3,308 shares during the period. Raymond James & Associates raised its stake in shares of Ferrari by 1.3% in the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after acquiring an additional 655 shares during the period. Rheos Capital Works Inc. raised its stake in shares of Ferrari by 30.3% in the 3rd quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock valued at $52,511,000 after acquiring an additional 26,000 shares during the period. Finally, LRI Investments LLC raised its stake in shares of Ferrari by 379.0% in the 2nd quarter. LRI Investments LLC now owns 958 shares of the company’s stock valued at $391,000 after acquiring an additional 758 shares during the period.

Ferrari Stock Down 2.2 %

Shares of RACE stock opened at $448.51 on Tuesday. 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 has a 1-year low of $330.15 and a 1-year high of $498.23. The firm has a fifty day moving average of $455.63 and a two-hundred day moving average of $444.90.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. Ferrari’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.98 earnings per share. On average, sell-side analysts anticipate that Ferrari will post 8.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

RACE has been the topic of a number of research reports. UBS Group raised their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Morgan Stanley raised their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI raised their price target on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $507.14.

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.