Miracle Mile Advisors LLC Increases Position in Ferrari (NYSE:RACE)

Miracle Mile Advisors LLC grew its holdings in Ferrari (NYSE:RACE) by 123.9% during the fourth quarter, HoldingsChannel reports. The firm owned 9,005 shares of the company’s stock after acquiring an additional 4,983 shares during the period. Miracle Mile Advisors LLC’s holdings in Ferrari were worth $3,826,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jennison Associates LLC increased its holdings in shares of Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Ferrari by 47,023.5% in the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after buying an additional 1,178,410 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Ferrari by 108.4% in the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after acquiring an additional 461,409 shares during the last quarter. Quadrature Capital Ltd raised its holdings in shares of Ferrari by 83.7% during the 3rd quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock worth $108,417,000 after acquiring an additional 105,390 shares during the period. Finally, BNP Paribas Financial Markets boosted its position in shares of Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock valued at $103,621,000 after acquiring an additional 104,366 shares during the last quarter.

Ferrari Price Performance

RACE stock opened at $418.31 on Tuesday. The business’s fifty day moving average price is $435.69 and its 200 day moving average price is $447.88. Ferrari has a 12-month low of $330.15 and a 12-month high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $77.28 billion, a PE ratio of 48.58, a P/E/G ratio of 4.26 and a beta of 0.95.

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 analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter last year, the company earned $1.98 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, sell-side analysts anticipate that Ferrari will post 8.58 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on RACE shares. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Evercore ISI lifted their price target on shares of 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 note on Wednesday, October 16th. Finally, UBS Group lifted their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.