LRI Investments LLC Invests $389,000 in Ferrari (NYSE:RACE)

LRI Investments LLC bought a new position in shares of Ferrari (NYSE:RACE) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 958 shares of the company’s stock, valued at approximately $389,000.

Other hedge funds have also made changes to their positions in the company. Blue Trust Inc. raised its holdings in Ferrari by 37.0% during the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Ferrari by 0.7% during the first quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock worth $1,865,000 after purchasing an additional 30 shares in the last quarter. Lorne Steinberg Wealth Management Inc. raised its holdings in Ferrari by 0.3% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 9,552 shares of the company’s stock worth $4,164,000 after purchasing an additional 30 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Ferrari by 2.2% during the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock worth $629,000 after purchasing an additional 31 shares in the last quarter. Finally, Hexagon Capital Partners LLC raised its holdings in Ferrari by 16.0% during the first quarter. Hexagon Capital Partners LLC now owns 239 shares of the company’s stock worth $104,000 after purchasing an additional 33 shares in the last quarter.

Analyst Ratings Changes

Several research analysts recently issued reports on RACE shares. UBS Group increased their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Evercore ISI increased their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a report on Monday, April 22nd. Bank of America increased their target price on shares of Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Jefferies Financial Group started coverage on shares of Ferrari in a report on Friday, May 10th. They issued a “hold” rating and a $403.00 target price for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $461.67.

Ferrari Price Performance

Shares of RACE traded up $7.88 during mid-day trading on Friday, reaching $413.80. 175,953 shares of the company’s stock were exchanged, compared to its average volume of 179,789. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80. The company has a 50-day simple moving average of $417.72 and a two-hundred day simple moving average of $407.32. Ferrari has a 52-week low of $285.02 and a 52-week high of $442.80. The company has a market cap of $76.45 billion, a price-to-earnings ratio of 52.85, a PEG ratio of 4.78 and a beta of 0.99.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. On average, sell-side analysts predict that Ferrari will post 8.24 EPS 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.