Charles Schwab Investment Management Inc. Purchases 1,864 Shares of Ferrari (NYSE:RACE)

Charles Schwab Investment Management Inc. boosted its position in Ferrari (NYSE:RACE) by 24.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 9,384 shares of the company’s stock after acquiring an additional 1,864 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Ferrari were worth $4,412,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its stake in Ferrari by 6.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,824 shares of the company’s stock valued at $857,000 after acquiring an additional 105 shares during the period. Jennison Associates LLC raised its stake in Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after acquiring an additional 2,636,869 shares during the period. Strategy Asset Managers LLC bought a new stake in Ferrari in the 3rd quarter valued at about $252,000. West Family Investments Inc. raised its stake in Ferrari by 20.9% in the 3rd quarter. West Family Investments Inc. now owns 678 shares of the company’s stock valued at $319,000 after acquiring an additional 117 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in Ferrari by 0.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,329 shares of the company’s stock valued at $6,736,000 after acquiring an additional 101 shares during the period.

Analyst Ratings Changes

A number of brokerages recently issued reports on RACE. Evercore ISI boosted their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Morgan Stanley upped their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, UBS Group upped their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Trading Up 0.5 %

Shares of RACE opened at $453.92 on Friday. The stock has a 50 day simple moving average of $455.46 and a two-hundred day simple moving average of $445.47. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23.

Ferrari (NYSE:RACE) last issued its 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 firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.98 EPS. On average, equities analysts anticipate that Ferrari will post 8.58 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.