Paragon Advisors LLC Increases Stock Holdings in Ferrari (NYSE:RACE)

Paragon Advisors LLC raised its position in Ferrari (NYSE:RACE) by 0.9% during the third quarter, Holdings Channel reports. The firm owned 4,283 shares of the company’s stock after buying an additional 37 shares during the quarter. Paragon Advisors LLC’s holdings in Ferrari were worth $2,013,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Blue Trust Inc. raised its position in Ferrari by 3,806.5% in the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after acquiring an additional 1,180 shares in the last quarter. Raymond James & Associates raised its position in Ferrari by 1.3% in the second quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after purchasing an additional 655 shares during the period. Gateway Investment Advisers LLC lifted its position in shares of Ferrari by 46.7% during the second quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock worth $2,803,000 after purchasing an additional 2,185 shares in the last quarter. Rheos Capital Works Inc. lifted its stake in shares of Ferrari by 30.3% in the third quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after acquiring an additional 26,000 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Ferrari by 213.7% in the first quarter. Canada Pension Plan Investment Board now owns 62,081 shares of the company’s stock valued at $27,082,000 after acquiring an additional 42,290 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RACE shares. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. UBS Group raised their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley boosted their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, Evercore ISI raised their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Performance

NYSE RACE opened at $430.99 on Friday. The company has a 50 day moving average of $466.22 and a 200-day moving average of $442.00. 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 has a 1-year low of $330.15 and a 1-year high of $498.23.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. 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 prior year, the business earned $1.98 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, analysts expect that Ferrari will post 8.75 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.