Oppenheimer & Co. Inc. Has $2.62 Million Position in Ferrari (NYSE:RACE)

Oppenheimer & Co. Inc. lessened its position in Ferrari (NYSE:RACE) by 2.4% during the 3rd quarter, Holdings Channel reports. The firm owned 5,568 shares of the company’s stock after selling 136 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Ferrari were worth $2,618,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Ferrari in the 3rd quarter worth approximately $29,000. Rothschild Investment LLC acquired a new position in Ferrari in the second quarter worth $29,000. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the third quarter worth $33,000. Valley Wealth Managers Inc. acquired a new stake in shares of Ferrari in the second quarter valued at $33,000. Finally, Denver PWM LLC bought a new position in shares of Ferrari in the second quarter valued at about $35,000.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI increased their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Morgan Stanley raised their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Trading Down 2.1 %

Shares of RACE stock opened at $430.99 on Friday. The stock has a 50 day simple moving average of $466.22 and a 200 day simple moving average of $442.00. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market cap of $79.63 billion, a P/E ratio of 50.06, a price-to-earnings-growth ratio of 4.62 and a beta of 0.99.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. Ferrari’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.98 earnings per share. On average, research analysts predict that Ferrari will post 8.75 earnings per share for the current fiscal 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.