CreativeOne Wealth LLC Takes Position in Ferrari (NYSE:RACE)

CreativeOne Wealth LLC purchased a new position in Ferrari (NYSE:RACE) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 2,215 shares of the company’s stock, valued at approximately $1,041,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Rothschild Investment LLC acquired a new position in shares of Ferrari in the 2nd quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari during the third quarter worth $29,000. Planning Capital Management Corp bought a new position in shares of Ferrari during the third quarter valued at $30,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari in the 2nd quarter worth about $33,000. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Ferrari in the 3rd quarter worth about $33,000.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Evercore ISI lifted 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. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised 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. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a 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 given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Trading Up 0.6 %

Shares of RACE opened at $434.16 on Friday. The stock’s fifty day simple moving average is $459.00 and its 200-day simple moving average is $443.27. The firm has a market capitalization of $80.21 billion, a PE ratio of 50.43, a price-to-earnings-growth ratio of 4.01 and a beta of 0.99. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the previous year, the company posted $1.98 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, research analysts predict that Ferrari will post 8.66 earnings per share for the current 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.