Valley Wealth Managers Inc. Acquires Shares of 80 Ferrari (NYSE:RACE)

Valley Wealth Managers Inc. bought a new position in shares of Ferrari (NYSE:RACE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 80 shares of the company’s stock, valued at approximately $33,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rothschild Investment LLC acquired a new stake in Ferrari during the 2nd quarter valued at approximately $29,000. IAG Wealth Partners LLC acquired a new stake in Ferrari in the first quarter valued at $33,000. Register Financial Advisors LLC bought a new position in Ferrari during the 1st quarter valued at $33,000. Denver PWM LLC acquired a new position in Ferrari during the 2nd quarter worth $35,000. Finally, Pittenger & Anderson Inc. increased its position in shares of Ferrari by 168.6% in the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares during the last quarter.

Ferrari Stock Down 0.6 %

Shares of RACE opened at $469.09 on Friday. The company has a 50-day moving average of $446.99 and a two-hundred day moving average of $428.46. 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.

Ferrari (NYSE:RACE) last issued its quarterly earnings results 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 business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. Ferrari’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.99 earnings per share. As a group, equities analysts anticipate that Ferrari will post 8.71 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on RACE. Morgan Stanley lifted their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. UBS Group upped their target price on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.