Legacy Capital Group California Inc. Increases Stake in Ferrari (NYSE:RACE)

Legacy Capital Group California Inc. increased its holdings in Ferrari (NYSE:RACE) by 6.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 521 shares of the company’s stock after purchasing an additional 31 shares during the quarter. Legacy Capital Group California Inc.’s holdings in Ferrari were worth $213,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Dakota Wealth Management grew its stake in shares of Ferrari by 6.8% during the second quarter. Dakota Wealth Management now owns 39,138 shares of the company’s stock valued at $15,983,000 after buying an additional 2,477 shares during the last quarter. First Citizens Bank & Trust Co. grew its position in Ferrari by 3.3% during the 2nd 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 last quarter. First Horizon Advisors Inc. increased its stake in Ferrari by 11.6% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,719 shares of the company’s stock worth $702,000 after purchasing an additional 179 shares during the period. Western Wealth Management LLC bought a new stake in Ferrari in the second quarter valued at approximately $214,000. Finally, Marshall Financial Group LLC boosted its stake in shares of Ferrari by 2.7% during the second quarter. Marshall Financial Group LLC now owns 2,702 shares of the company’s stock valued at $1,103,000 after purchasing an additional 72 shares during the period.

Ferrari Stock Up 2.6 %

Shares of NYSE:RACE traded up $12.17 on Wednesday, hitting $478.90. 340,159 shares of the company traded hands, compared to its average volume of 274,676. The stock has a 50 day simple moving average of $423.90 and a 200-day simple moving average of $417.64. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The company has a market cap of $88.48 billion, a PE ratio of 61.33, a PEG ratio of 4.78 and a beta of 0.99. Ferrari has a 52 week low of $285.02 and a 52 week high of $480.76.

Ferrari (NYSE:RACE) last issued its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.99 earnings per share. As a group, research analysts expect that Ferrari will post 8.71 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RACE shares. Jefferies Financial Group started coverage on shares of Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 target price on the stock. UBS Group upped their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $461.67.

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.