First Affirmative Financial Network Raises Stock Position in Ferrari (NYSE:RACE)

First Affirmative Financial Network boosted its position in shares of Ferrari (NYSE:RACE) by 14.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 695 shares of the company’s stock after buying an additional 90 shares during the quarter. First Affirmative Financial Network’s holdings in Ferrari were worth $295,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. AQR Capital Management LLC acquired a new stake in Ferrari during the second quarter valued at $228,000. Creative Planning grew its position in shares of Ferrari by 5.9% in the second quarter. Creative Planning now owns 10,959 shares of the company’s stock valued at $4,475,000 after purchasing an additional 606 shares during the period. NewEdge Advisors LLC grew its position in shares of Ferrari by 23.1% in the second quarter. NewEdge Advisors LLC now owns 3,401 shares of the company’s stock valued at $1,389,000 after purchasing an additional 639 shares during the period. Sunbelt Securities Inc. grew its position in shares of Ferrari by 31.6% in the second quarter. Sunbelt Securities Inc. now owns 379 shares of the company’s stock valued at $155,000 after purchasing an additional 91 shares during the period. Finally, Truist Financial Corp grew its position in shares of Ferrari by 8.2% in the second quarter. Truist Financial Corp now owns 10,605 shares of the company’s stock valued at $4,331,000 after purchasing an additional 804 shares during the period.

Ferrari Stock Performance

NYSE:RACE opened at $432.34 on Friday. The company’s 50-day moving average price is $433.77 and its 200-day moving average price is $448.48. 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 company has a market cap of $105.38 billion, a P/E ratio of 50.21, a P/E/G ratio of 3.73 and a beta of 0.95. Ferrari has a twelve month low of $345.92 and a twelve month high of $498.23.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period last year, the firm earned $1.98 earnings per share. Ferrari’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, sell-side analysts forecast that Ferrari will post 8.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RACE. UBS Group lifted their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Evercore ISI lifted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $507.14.

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.