Oppenheimer & Co. Inc. Acquires 3,245 Shares of Ferrari (NYSE:RACE)

Oppenheimer & Co. Inc. boosted its holdings in Ferrari (NYSE:RACE) by 132.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,704 shares of the company’s stock after buying an additional 3,245 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Ferrari were worth $2,329,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rothschild Investment LLC acquired a new position in shares of Ferrari during the second quarter worth $29,000. IAG Wealth Partners LLC acquired a new position in Ferrari in the 1st quarter worth about $33,000. Register Financial Advisors LLC bought a new position in Ferrari in the first quarter valued at about $33,000. Denver PWM LLC acquired a new stake in shares of Ferrari during the second quarter valued at about $35,000. Finally, Pittenger & Anderson Inc. grew its holdings in shares of Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RACE. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. UBS Group lifted their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Stock Down 1.2 %

Shares of NYSE RACE opened at $463.67 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The stock has a market capitalization of $85.66 billion, a P/E ratio of 59.22, a P/E/G ratio of 4.98 and a beta of 1.00. The company has a 50-day moving average price of $447.72 and a 200-day moving average price of $428.79.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS 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 return on equity of 45.13% and a net margin of 21.84%. The company’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.99 EPS. On average, equities research analysts forecast that Ferrari will post 8.71 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.