Wealthstreet Investment Advisors LLC purchased a new position in shares of Ferrari (NYSE:RACE) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,470 shares of the company’s stock, valued at approximately $678,000.
Other hedge funds have also bought and sold shares of the company. Shine Investment Advisory Services Inc. purchased a new position in shares of Ferrari during the fourth quarter worth approximately $116,000. Parallel Advisors LLC raised its stake in shares of Ferrari by 554.3% during the third quarter. Parallel Advisors LLC now owns 1,060 shares of the company’s stock worth $117,000 after acquiring an additional 898 shares in the last quarter. Cerebellum GP LLC purchased a new position in shares of Ferrari during the fourth quarter worth approximately $125,000. PNC Financial Services Group Inc. raised its stake in shares of Ferrari by 6.6% during the second quarter. PNC Financial Services Group Inc. now owns 1,917 shares of the company’s stock worth $165,000 after acquiring an additional 119 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its stake in shares of Ferrari by 678.6% during the third quarter. Cornerstone Advisors Inc. now owns 1,526 shares of the company’s stock worth $169,000 after acquiring an additional 1,330 shares in the last quarter. 31.93% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have commented on the stock. Zacks Investment Research raised shares of Ferrari from a “hold” rating to a “buy” rating and set a $134.00 price target on the stock in a research note on Friday, February 2nd. Morgan Stanley lifted their price target on shares of Ferrari from $100.00 to $105.00 and gave the stock an “underweight” rating in a research note on Wednesday. TheStreet raised shares of Ferrari from a “c” rating to a “b-” rating in a research note on Friday, October 20th. BidaskClub downgraded shares of Ferrari from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 9th. Finally, HSBC began coverage on shares of Ferrari in a research note on Monday, December 11th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Ferrari presently has a consensus rating of “Hold” and an average target price of $118.57.
Ferrari (NYSE:RACE) last issued its earnings results on Thursday, February 1st. The company reported $0.84 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.03). Ferrari had a return on equity of 98.82% and a net margin of 15.74%. The firm had revenue of $840.00 million during the quarter, compared to analysts’ expectations of $869.74 million. During the same period in the previous year, the firm earned $0.69 earnings per share. The firm’s quarterly revenue was up .5% compared to the same quarter last year. analysts anticipate that Ferrari will post 3.59 EPS for the current year.
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Ferrari NV, known as New Business Netherlands NV, is an Italy-based company, incorporated in the Netherlands, that is engaged in designing, manufacturing and selling sports cars under the Ferrari brand. Its products include nine sports car models, including seven sports cars: 458 Italia, 488 GTB, 458 Spider, 488 Spider, F12 Berlinetta, 458 Speciale and 458 Speciale A; as well as two grand tourer (GT) cars: California T and FF.
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