Good Life Advisors LLC Boosts Stock Position in Ferrari (NYSE:RACE)

Good Life Advisors LLC increased its stake in Ferrari (NYSE:RACE) by 10.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 908 shares of the company’s stock after buying an additional 85 shares during the quarter. Good Life Advisors LLC’s holdings in Ferrari were worth $307,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in RACE. Norges Bank bought a new position in Ferrari in the 4th quarter valued at approximately $354,547,000. Legal & General Group Plc lifted its position in Ferrari by 8,986.8% in the 3rd quarter. Legal & General Group Plc now owns 1,004,094 shares of the company’s stock valued at $297,327,000 after acquiring an additional 993,044 shares in the last quarter. Bank of America Corp DE lifted its position in Ferrari by 139.6% in the 1st quarter. Bank of America Corp DE now owns 939,555 shares of the company’s stock valued at $254,563,000 after acquiring an additional 547,356 shares in the last quarter. Alphinity Investment Management Pty Ltd bought a new position in Ferrari in the 3rd quarter valued at approximately $157,620,000. Finally, JPMorgan Chase & Co. lifted its position in Ferrari by 39.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,728,335 shares of the company’s stock valued at $468,275,000 after acquiring an additional 484,782 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. HSBC cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, December 13th. BNP Paribas cut Ferrari from an “outperform” rating to a “neutral” rating in a report on Wednesday, December 13th. UBS Group increased their price target on Ferrari from $413.00 to $448.00 and gave the company a “buy” rating in a report on Friday, February 2nd. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. Finally, Citigroup cut Ferrari from a “neutral” rating to a “sell” rating in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $337.00.

Ferrari Price Performance

Shares of Ferrari stock opened at $435.94 on Friday. Ferrari has a one year low of $267.80 and a one year high of $442.80. The stock’s fifty day moving average is $396.28 and its 200 day moving average is $352.77. The company has a quick ratio of 2.98, a current ratio of 3.91 and a debt-to-equity ratio of 0.81.

Ferrari (NYSE:RACE) last announced its earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.15. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.61 billion. On average, equities research analysts forecast that Ferrari will post 8.45 EPS for the current fiscal year.

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.