National Bank of Canada FI Raises Position in Ferrari (NYSE:RACE)

National Bank of Canada FI increased its stake in Ferrari (NYSE:RACE) by 1.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,308 shares of the company’s stock after purchasing an additional 40 shares during the quarter. National Bank of Canada FI’s holdings in Ferrari were worth $1,081,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Rothschild Investment LLC purchased a new position in shares of Ferrari during the 2nd quarter valued at $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari in the 3rd quarter valued at about $29,000. Planning Capital Management Corp purchased a new stake in Ferrari during the third quarter valued at about $30,000. Valley Wealth Managers Inc. bought a new position in Ferrari during the second quarter worth about $33,000. Finally, Ashton Thomas Securities LLC purchased a new position in shares of Ferrari in the third quarter worth about $33,000.

Analyst Ratings Changes

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

Ferrari Stock Performance

NYSE:RACE opened at $454.18 on Friday. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. The business’s 50-day moving average price is $455.46 and its two-hundred day moving average price is $445.70. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23.

Ferrari (NYSE:RACE) last announced its 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 net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the firm earned $1.98 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities research analysts predict that Ferrari will post 8.58 earnings per share for the current 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.