Ferrari (NYSE:RACE) Shares Purchased by West Family Investments Inc.

West Family Investments Inc. boosted its holdings in Ferrari (NYSE:RACE) by 20.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 678 shares of the company’s stock after purchasing an additional 117 shares during the quarter. West Family Investments Inc.’s holdings in Ferrari were worth $319,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. O Shaughnessy Asset Management LLC raised its stake in shares of Ferrari by 14.9% during the first quarter. O Shaughnessy Asset Management LLC now owns 7,250 shares of the company’s stock worth $3,161,000 after purchasing an additional 940 shares during the last quarter. Pitcairn Co. purchased a new position in Ferrari in the first quarter worth $322,000. Ossiam raised its position in Ferrari by 60.3% in the first quarter. Ossiam now owns 17,184 shares of the company’s stock worth $7,498,000 after acquiring an additional 6,465 shares in the last quarter. CreativeOne Wealth LLC purchased a new position in Ferrari in the first quarter worth $963,000. Finally, Advisors Asset Management Inc. raised its position in Ferrari by 2.2% in the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock worth $629,000 after acquiring an additional 31 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have issued reports on RACE. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. UBS Group raised their price target on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Evercore ISI raised their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Down 1.5 %

Shares of NYSE:RACE opened at $428.43 on Wednesday. The stock’s 50-day moving average price is $464.71 and its two-hundred day moving average price is $442.43. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23.

Ferrari (NYSE:RACE) last issued 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). The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.98 earnings per share. As a group, equities analysts expect that Ferrari will post 8.75 EPS 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.