First Horizon Advisors Inc. Raises Holdings in Ferrari (NYSE:RACE)

First Horizon Advisors Inc. raised its position in Ferrari (NYSE:RACE) by 6.1% during the third quarter, HoldingsChannel reports. The firm owned 1,824 shares of the company’s stock after purchasing an additional 105 shares during the period. First Horizon Advisors Inc.’s holdings in Ferrari were worth $857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Ferrari in the 3rd quarter valued at approximately $29,000. Planning Capital Management Corp purchased a new stake in shares of Ferrari in the 3rd quarter valued at $30,000. Rothschild Investment LLC acquired a new position in Ferrari during the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC purchased a new position in Ferrari during the 3rd quarter valued at about $33,000. Finally, Valley Wealth Managers Inc. acquired a new position in Ferrari in the 2nd quarter valued at about $33,000.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RACE shares. Morgan Stanley upped their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. UBS Group lifted their price objective on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Finally, Evercore ISI lifted their price target 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. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

RACE opened at $430.03 on Friday. The company has a 50 day moving average of $462.92 and a two-hundred day moving average of $442.24. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23. 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 company has a market cap of $79.45 billion, a P/E ratio of 49.95, a P/E/G ratio of 4.50 and a beta of 0.99.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share 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 business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter in the prior year, the business earned $1.98 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. On average, analysts expect that Ferrari will post 8.75 earnings per share for the current year.

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.