Venturi Wealth Management LLC Boosts Stock Position in Ferrari (NYSE:RACE)

Venturi Wealth Management LLC raised its stake in Ferrari (NYSE:RACE) by 36.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,282 shares of the company’s stock after buying an additional 604 shares during the quarter. Venturi Wealth Management LLC’s holdings in Ferrari were worth $1,073,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RACE. Oppenheimer Asset Management Inc. purchased a new position in Ferrari in the first quarter valued at about $766,000. Atomi Financial Group Inc. grew its stake in shares of Ferrari by 12.4% during the first quarter. Atomi Financial Group Inc. now owns 797 shares of the company’s stock worth $347,000 after acquiring an additional 88 shares during the last quarter. NorthRock Partners LLC purchased a new stake in shares of Ferrari during the first quarter worth about $255,000. Headlands Technologies LLC grew its stake in shares of Ferrari by 389.0% during the first quarter. Headlands Technologies LLC now owns 621 shares of the company’s stock worth $271,000 after acquiring an additional 494 shares during the last quarter. Finally, QRG Capital Management Inc. purchased a new stake in shares of Ferrari during the first quarter worth about $225,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RACE. Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley lifted 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. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Stock Down 0.4 %

Shares of NYSE:RACE opened at $452.45 on Tuesday. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23. The business has a 50 day moving average of $470.58 and a two-hundred day moving average of $441.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.32.

Ferrari (NYSE:RACE) last announced its quarterly 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 company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the previous year, the firm posted $1.98 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. As a group, research analysts expect that Ferrari will post 8.75 earnings per share for the current fiscal year.

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.