Ironsides Asset Advisors LLC Buys Shares of 516 Ferrari (NYSE:RACE)

Ironsides Asset Advisors LLC bought a new stake in Ferrari (NYSE:RACE) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 516 shares of the company’s stock, valued at approximately $243,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Rothschild Investment LLC acquired a new position in Ferrari during the second quarter valued at approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari in the 3rd quarter valued at $29,000. Valley Wealth Managers Inc. acquired a new position in shares of Ferrari during the 2nd quarter worth $33,000. Denver PWM LLC bought a new stake in shares of Ferrari during the 2nd quarter worth $35,000. Finally, FSC Wealth Advisors LLC acquired a new stake in Ferrari in the third quarter valued at about $47,000.

Analysts Set New Price Targets

Several research analysts have commented on the company. Evercore ISI boosted their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the company from $385.00 to $525.00 in a research note on Friday, October 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

Shares of RACE opened at $443.01 on Thursday. The stock’s 50-day moving average price is $472.17 and its two-hundred day moving average price is $440.93. Ferrari has a 12 month low of $330.15 and a 12 month high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Ferrari (NYSE:RACE) last announced its earnings results 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 21.84% and a return on equity of 45.13%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the company earned $1.98 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. As a group, research analysts expect that Ferrari will post 8.65 EPS 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.