Icon Wealth Advisors LLC Purchases 5,641 Shares of Ferrari (NYSE:RACE)

Icon Wealth Advisors LLC increased its position in Ferrari (NYSE:RACE) by 1,403.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,043 shares of the company’s stock after acquiring an additional 5,641 shares during the period. Icon Wealth Advisors LLC’s holdings in Ferrari were worth $2,841,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Ferrari by 24.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 9,384 shares of the company’s stock worth $4,412,000 after purchasing an additional 1,864 shares during the last quarter. First Horizon Advisors Inc. increased its position in shares of Ferrari by 6.1% during the 3rd quarter. First Horizon Advisors Inc. now owns 1,824 shares of the company’s stock valued at $857,000 after purchasing an additional 105 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Ferrari by 910.1% in the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. Strategy Asset Managers LLC purchased a new position in shares of Ferrari in the third quarter worth approximately $252,000. Finally, West Family Investments Inc. grew its position in Ferrari by 20.9% during the third quarter. West Family Investments Inc. now owns 678 shares of the company’s stock valued at $319,000 after buying an additional 117 shares during the period.

Ferrari Trading Up 0.7 %

Shares of RACE opened at $430.03 on Friday. The firm has a market cap of $79.45 billion, a P/E ratio of 49.95, a price-to-earnings-growth ratio of 4.50 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company has a 50 day simple moving average of $462.92 and a two-hundred day simple moving average of $442.24.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business’s revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.98 earnings per share. On average, equities analysts expect that Ferrari will post 8.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.