Raymond James & Associates Has $23.95 Million Stock Position in Ferrari (NYSE:RACE)

Raymond James & Associates grew its stake in Ferrari (NYSE:RACE) by 1.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,940 shares of the company’s stock after buying an additional 693 shares during the quarter. Raymond James & Associates’ holdings in Ferrari were worth $23,948,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Rothschild Investment LLC bought a new position in shares of Ferrari during the second quarter worth about $29,000. Register Financial Advisors LLC bought a new position in shares of Ferrari during the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. acquired a new stake in shares of Ferrari in the second quarter valued at approximately $33,000. Denver PWM LLC bought a new stake in shares of Ferrari in the second quarter worth $35,000. Finally, Pittenger & Anderson Inc. boosted its holdings 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 purchasing an additional 59 shares during the last quarter.

Analyst Ratings Changes

RACE has been the topic of several analyst reports. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Evercore ISI boosted their price target on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Ferrari has an average rating of “Moderate Buy” and a consensus target price of $502.14.

Ferrari Stock Performance

NYSE RACE opened at $486.43 on Friday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35. The firm has a 50-day moving average of $472.13 and a 200-day moving average of $436.82. Ferrari has a 52-week low of $296.34 and a 52-week high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. On average, research analysts forecast that Ferrari will post 8.65 earnings per share 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.