Thoroughbred Financial Services LLC Increases Stock Holdings in Ferrari (NYSE:RACE)

Thoroughbred Financial Services LLC grew its holdings in shares of Ferrari (NYSE:RACE) by 309.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,693 shares of the company’s stock after purchasing an additional 3,546 shares during the period. Thoroughbred Financial Services LLC’s holdings in Ferrari were worth $1,916,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in RACE. Contravisory Investment Management Inc. grew its stake in Ferrari by 4.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after purchasing an additional 23 shares in the last quarter. First Citizens Bank & Trust Co. grew its position in shares of Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after buying an additional 25 shares in the last quarter. Columbia Asset Management increased its stake in shares of Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after buying an additional 25 shares during the period. EverSource Wealth Advisors LLC raised its holdings in Ferrari by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock valued at $101,000 after acquiring an additional 27 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in Ferrari by 0.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock worth $1,865,000 after acquiring an additional 30 shares during the last quarter.

Ferrari Stock Performance

RACE opened at $469.09 on Friday. 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 one year low of $285.02 and a one year high of $498.23. The business’s 50-day simple moving average is $446.99 and its 200-day simple moving average is $428.51.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. The company had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.99 earnings per share. Analysts forecast that Ferrari will post 8.71 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on RACE. Morgan Stanley increased their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Finally, UBS Group raised their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $481.67.

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.