Legacy Capital Wealth Partners LLC Buys 721 Shares of Ferrari (NYSE:RACE)

Legacy Capital Wealth Partners LLC grew its stake in shares of Ferrari (NYSE:RACE) by 93.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,490 shares of the company’s stock after acquiring an additional 721 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in Ferrari were worth $700,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. acquired a new stake in Ferrari in the third quarter valued at $29,000. Rothschild Investment LLC bought a new stake in shares of Ferrari in the 2nd quarter valued at about $29,000. Valley Wealth Managers Inc. acquired a new stake in shares of Ferrari in the second quarter valued at about $33,000. Denver PWM LLC bought a new position in shares of Ferrari during the second quarter worth about $35,000. Finally, FSC Wealth Advisors LLC acquired a new position in shares of Ferrari in the third quarter worth approximately $47,000.

Ferrari Stock Performance

NYSE:RACE opened at $454.46 on Monday. Ferrari has a 52 week low of $330.15 and a 52 week high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.32 and a debt-to-equity ratio of 0.93. The firm has a 50-day moving average price of $470.58 and a two-hundred day moving average price of $441.44.

Ferrari (NYSE:RACE) last issued its quarterly 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). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the business earned $1.98 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. Analysts forecast that Ferrari will post 8.75 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RACE shares. UBS Group upped their price objective on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley lifted their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI raised their price objective on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

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.