First Citizens Bank & Trust Co. Acquires 193 Shares of Ferrari (NYSE:RACE)

First Citizens Bank & Trust Co. increased its holdings in shares of Ferrari (NYSE:RACE) by 24.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 980 shares of the company’s stock after acquiring an additional 193 shares during the period. First Citizens Bank & Trust Co.’s holdings in Ferrari were worth $461,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Rothschild Investment LLC purchased a new position in Ferrari in the second quarter worth about $29,000. Register Financial Advisors LLC purchased a new position in Ferrari in the first quarter worth about $33,000. Valley Wealth Managers Inc. purchased a new position in Ferrari in the second quarter worth about $33,000. Denver PWM LLC purchased a new position in Ferrari in the second quarter worth about $35,000. Finally, Pittenger & Anderson Inc. raised its holdings in Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after buying an additional 59 shares during the last quarter.

Ferrari Stock Up 0.0 %

RACE opened at $482.35 on Monday. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. Ferrari has a 1-year low of $296.34 and a 1-year high of $498.23. The company has a market capitalization of $89.11 billion, a PE ratio of 61.60, a PEG ratio of 5.00 and a beta of 0.99. The firm’s 50 day simple moving average is $469.46 and its two-hundred day simple moving average is $435.62.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the firm earned $1.99 earnings per share. The company’s quarterly revenue was up 16.1% on a year-over-year basis. As a group, equities analysts forecast that Ferrari will post 8.81 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RACE shares. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group boosted their price objective on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $487.86.

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.