WESPAC Advisors SoCal LLC Boosts Stock Position in Ferrari (NYSE:RACE)

WESPAC Advisors SoCal LLC grew its position in Ferrari (NYSE:RACE) by 5.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,443 shares of the company’s stock after purchasing an additional 182 shares during the period. WESPAC Advisors SoCal LLC’s holdings in Ferrari were worth $1,619,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of RACE. Jamison Private Wealth Management Inc. lifted its position in Ferrari by 27.2% during the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after purchasing an additional 22 shares during the period. Contravisory Investment Management Inc. grew its holdings in Ferrari by 4.6% during the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after acquiring an additional 23 shares during the period. First Citizens Bank & Trust Co. grew its holdings in Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after acquiring an additional 25 shares during the period. Columbia Asset Management raised its position in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after acquiring an additional 25 shares in the last quarter. Finally, Addison Advisors LLC lifted its holdings in Ferrari by 13.6% in the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after acquiring an additional 26 shares during the period.

Ferrari Price Performance

RACE stock opened at $430.99 on Friday. The business’s 50-day moving average is $466.22 and its 200 day moving average is $442.19. Ferrari has a 12-month low of $330.15 and a 12-month 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.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (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 during the quarter, compared to analyst estimates of $1.80 billion. During the same period in the prior year, the firm earned $1.98 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. As a group, equities analysts expect that Ferrari will post 8.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on RACE. 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 report on Tuesday, October 22nd. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. One equities 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. According to MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

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.