Janney Montgomery Scott LLC Acquires 2,722 Shares of Ferrari (NYSE:RACE)

Janney Montgomery Scott LLC grew its holdings in Ferrari (NYSE:RACE) by 4.1% in the third quarter, HoldingsChannel reports. The fund owned 69,257 shares of the company’s stock after buying an additional 2,722 shares during the period. Janney Montgomery Scott LLC’s holdings in Ferrari were worth $32,559,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC lifted its position in Ferrari by 83.4% during the third quarter. Farther Finance Advisors LLC now owns 728 shares of the company’s stock worth $342,000 after purchasing an additional 331 shares during the period. AustralianSuper Pty Ltd lifted its position in Ferrari by 3.5% during the third quarter. AustralianSuper Pty Ltd now owns 7,469 shares of the company’s stock worth $3,491,000 after purchasing an additional 252 shares during the period. US Bancorp DE lifted its position in Ferrari by 1.7% during the third quarter. US Bancorp DE now owns 16,483 shares of the company’s stock worth $7,750,000 after purchasing an additional 282 shares during the period. Tevis Investment Management lifted its position in Ferrari by 20.2% during the third quarter. Tevis Investment Management now owns 1,001 shares of the company’s stock worth $471,000 after purchasing an additional 168 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the third quarter worth about $29,000.

Ferrari Stock Performance

Ferrari stock opened at $476.05 on Tuesday. The business has a 50 day moving average of $474.01 and a 200-day moving average of $440.68. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The company has a market capitalization of $87.95 billion, a P/E ratio of 57.36, a P/E/G ratio of 5.05 and a beta of 0.99.

Wall Street Analyst Weigh In

RACE has been the subject of several research analyst reports. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. 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. Finally, StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $502.14.

Ferrari 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.