Elite Wealth Management Inc. Acquires 25 Shares of Ferrari (NYSE:RACE)

Elite Wealth Management Inc. lifted its holdings in shares of Ferrari (NYSE:RACE) by 1.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,606 shares of the company’s stock after buying an additional 25 shares during the period. Ferrari comprises about 0.2% of Elite Wealth Management Inc.’s portfolio, making the stock its 23rd biggest holding. Elite Wealth Management Inc.’s holdings in Ferrari were worth $1,225,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Jennison Associates LLC boosted its position in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares in the last quarter. International Assets Investment Management LLC grew its position in Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after acquiring an additional 1,178,410 shares during the last quarter. Marshall Wace LLP grew its position in Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after acquiring an additional 461,409 shares during the last quarter. BNP Paribas Financial Markets grew its position in Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after acquiring an additional 104,366 shares during the last quarter. Finally, Dnca Finance acquired a new position in Ferrari in the 2nd quarter worth about $41,165,000.

Ferrari Stock Performance

Shares of Ferrari stock opened at $431.57 on Thursday. The stock’s 50-day moving average is $460.57 and its 200 day moving average is $443.15. Ferrari has a one year low of $330.15 and a one year high of $498.23. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

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 the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion during the quarter, compared to analyst estimates 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 last year, the firm posted $1.98 earnings per share. As a group, equities analysts anticipate that Ferrari will post 8.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Morgan Stanley lifted their target price on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group lifted their price target on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, Evercore ISI increased their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari 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.