25,535 Shares in Ferrari (NYSE:RACE) Acquired by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC purchased a new position in Ferrari (NYSE:RACE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 25,535 shares of the company’s stock, valued at approximately $10,428,000. Ferrari comprises about 0.7% of Frank Rimerman Advisors LLC’s portfolio, making the stock its 19th biggest position.

A number of other institutional investors also recently added to or reduced their stakes in the company. Contravisory Investment Management Inc. increased its holdings in shares of Ferrari by 4.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock valued at $212,000 after acquiring an additional 23 shares during the last quarter. First Citizens Bank & Trust Co. boosted its holdings in Ferrari by 3.3% in the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares in the last quarter. Columbia Asset Management increased its stake in Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Ferrari by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock valued at $101,000 after purchasing an additional 27 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Ferrari by 5.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock worth $240,000 after purchasing an additional 28 shares in the last quarter.

Analyst Ratings Changes

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

Ferrari Stock Performance

NYSE RACE opened at $470.56 on Friday. The firm has a market cap of $86.94 billion, a P/E ratio of 60.10, a P/E/G ratio of 4.89 and a beta of 1.00. Ferrari has a 52-week low of $285.02 and a 52-week high of $498.23. The business’s 50-day moving average price is $450.52 and its 200 day moving average price is $430.08. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the company posted $1.99 earnings per share. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. On average, equities research analysts expect that Ferrari will post 8.71 earnings per share for the current year.

Ferrari Company 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.