Financial Gravity Asset Management Inc. Purchases 57 Shares of Ferrari (NYSE:RACE)

Financial Gravity Asset Management Inc. lifted its stake in shares of Ferrari (NYSE:RACE) by 26.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 271 shares of the company’s stock after acquiring an additional 57 shares during the period. Financial Gravity Asset Management Inc.’s holdings in Ferrari were worth $4,897,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in RACE. American National Bank purchased a new position in shares of Ferrari during the first quarter valued at about $27,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new position in Ferrari during the first quarter valued at approximately $27,000. EverSource Wealth Advisors LLC lifted its position in Ferrari by 78.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 173 shares of the company’s stock valued at $37,000 after purchasing an additional 76 shares during the period. State of Wyoming purchased a new stake in Ferrari during the fourth quarter valued at approximately $38,000. Finally, Zions Bancorporation N.A. increased its holdings in Ferrari by 27.2% during the fourth quarter. Zions Bancorporation N.A. now owns 192 shares of the company’s stock valued at $41,000 after buying an additional 41 shares during the last quarter.

Ferrari Price Performance

RACE stock opened at $297.19 on Friday. The firm has a 50 day moving average of $315.08 and a 200 day moving average of $294.15. The company has a current ratio of 3.91, a quick ratio of 3.04 and a debt-to-equity ratio of 0.98. Ferrari has a 52 week low of $176.82 and a 52 week high of $329.88.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Wednesday, August 2nd. The company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.77 by $0.22. Ferrari had a net margin of 19.60% and a return on equity of 40.70%. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Equities analysts predict that Ferrari will post 7.05 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on RACE shares. UBS Group increased their price objective on shares of Ferrari from $368.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, September 1st. Jefferies Financial Group raised their target price on shares of Ferrari from $275.00 to $300.00 and gave the stock a “hold” rating in a report on Friday, August 25th. Morgan Stanley reiterated an “overweight” rating and set a $340.00 price objective on shares of Ferrari in a report on Monday, July 31st. Sanford C. Bernstein raised their target price on shares of Ferrari from $250.00 to $300.00 and gave the company a “market perform” rating in a research report on Friday, August 18th. Finally, StockNews.com initiated coverage on shares of Ferrari in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and a consensus target price of $304.36.

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.