Truist Financial Corp Has $4.33 Million Position in Ferrari (NYSE:RACE)

Truist Financial Corp lifted its stake in shares of Ferrari (NYSE:RACE) by 8.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 10,605 shares of the company’s stock after buying an additional 804 shares during the quarter. Truist Financial Corp’s holdings in Ferrari were worth $4,331,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Rothschild Investment LLC bought a new stake in Ferrari in the 2nd quarter valued at $29,000. Register Financial Advisors LLC bought a new stake in shares of Ferrari in the first quarter valued at about $33,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari in the second quarter valued at about $33,000. Denver PWM LLC acquired a new position in shares of Ferrari in the second quarter valued at about $35,000. Finally, Pittenger & Anderson Inc. increased its position in Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after acquiring an additional 59 shares during the period.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on RACE shares. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group boosted their price target on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Finally, Morgan Stanley upped their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. One research 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $481.67.

Ferrari Stock Up 2.5 %

Shares of RACE opened at $460.97 on Wednesday. The firm has a 50 day simple moving average of $460.47 and a two-hundred day simple moving average of $433.27. 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 one year low of $296.34 and a one year high of $498.23. The company has a market cap of $85.16 billion, a P/E ratio of 58.87, a P/E/G ratio of 4.77 and a beta of 0.99.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. The business had revenue of $1.71 billion during the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. Ferrari’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.99 EPS. Research analysts forecast that Ferrari will post 8.81 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.