Elevation Point Wealth Partners LLC Has $2.24 Million Position in Ferrari (NYSE:RACE)

Elevation Point Wealth Partners LLC reduced its holdings in Ferrari (NYSE:RACE) by 5.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,240 shares of the company’s stock after selling 289 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Ferrari were worth $2,242,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Savant Capital LLC raised its holdings in Ferrari by 26.0% in the fourth quarter. Savant Capital LLC now owns 563 shares of the company’s stock worth $239,000 after purchasing an additional 116 shares during the period. Allworth Financial LP raised its holdings in Ferrari by 35.1% in the fourth quarter. Allworth Financial LP now owns 327 shares of the company’s stock worth $141,000 after purchasing an additional 85 shares during the period. Pittenger & Anderson Inc. raised its holdings in shares of Ferrari by 53.2% during the fourth quarter. Pittenger & Anderson Inc. now owns 144 shares of the company’s stock worth $61,000 after acquiring an additional 50 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Ferrari during the fourth quarter worth $45,000. Finally, Good Life Advisors LLC grew its position in Ferrari by 36.3% in the fourth quarter. Good Life Advisors LLC now owns 1,495 shares of the company’s stock valued at $635,000 after purchasing an additional 398 shares in the last quarter.

Wall Street Analysts Forecast Growth

RACE has been the subject of a number of analyst reports. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, March 28th. UBS Group raised their target price on shares of Ferrari from $520.00 to $560.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Thursday, May 15th. Kepler Capital Markets upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Friday, March 28th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Ferrari from $525.00 to $460.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $526.25.

Ferrari Stock Performance

NYSE RACE opened at $462.31 on Friday. Ferrari has a 1 year low of $391.54 and a 1 year high of $509.13. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market cap of $112.05 billion, a price-to-earnings ratio of 50.53, a PEG ratio of 4.43 and a beta of 1.10. The company has a fifty day moving average price of $466.59 and a 200-day moving average price of $452.14.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.06. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.82 billion. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.95 earnings per share. As a group, equities research analysts predict that Ferrari will post 9.22 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.