Financial Advocates Investment Management Has $1.36 Million Stock Holdings in Ferrari (NYSE:RACE)

Financial Advocates Investment Management boosted its holdings in shares of Ferrari (NYSE:RACE) by 2.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,889 shares of the company’s stock after buying an additional 81 shares during the period. Financial Advocates Investment Management’s holdings in Ferrari were worth $1,355,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Ferrari by 1.4% during the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after buying an additional 61,588 shares during the last quarter. Capital Research Global Investors raised its holdings in Ferrari by 3.9% during the first quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after buying an additional 49,367 shares during the last quarter. Legal & General Group Plc raised its holdings in Ferrari by 2.4% during the second quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock worth $512,660,000 after buying an additional 30,014 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Ferrari by 47,023.5% during the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after buying an additional 1,178,410 shares during the last quarter. Finally, Capital International Investors raised its holdings in Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after buying an additional 791,596 shares during the last quarter.

Ferrari Stock Performance

RACE opened at $475.94 on Friday. The firm has a 50-day moving average of $474.23 and a 200 day moving average of $439.41. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. Ferrari has a fifty-two week low of $300.00 and a fifty-two week high of $498.23.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The company’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter last year, the business earned $1.99 earnings per share. As a group, sell-side analysts forecast that Ferrari will post 8.65 EPS for the current fiscal year.

Analysts Set New Price Targets

RACE has been the topic of several research reports. Morgan Stanley upped 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. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI upped their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Finally, Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $502.14.

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.