Financial Advocates Investment Management Has $1.05 Million Stock Position in Ferrari (NYSE:RACE)

Financial Advocates Investment Management lessened its position in shares of Ferrari (NYSE:RACE) by 14.8% during the 4th quarter, HoldingsChannel reports. The fund owned 2,462 shares of the company’s stock after selling 427 shares during the quarter. Financial Advocates Investment Management’s holdings in Ferrari were worth $1,046,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Hanson & Doremus Investment Management acquired a new stake in shares of Ferrari during the fourth quarter worth $26,000. E Fund Management Hong Kong Co. Ltd. bought a new position in Ferrari during the third quarter worth about $29,000. Planning Capital Management Corp acquired a new position in shares of Ferrari during the 3rd quarter worth about $30,000. Ashton Thomas Securities LLC acquired a new stake in shares of Ferrari in the 3rd quarter valued at approximately $33,000. Finally, Armstrong Advisory Group Inc. boosted its stake in Ferrari by 100.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 100 shares of the company’s stock worth $42,000 after acquiring an additional 50 shares during the last quarter.

Ferrari Stock Performance

Shares of RACE opened at $446.27 on Friday. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 12 month low of $375.31 and a 12 month high of $498.23. The firm has a fifty day simple moving average of $435.35 and a 200 day simple moving average of $449.25. The stock has a market capitalization of $108.78 billion, a price-to-earnings ratio of 51.83, a PEG ratio of 3.72 and a beta of 0.95.

Ferrari (NYSE:RACE) last announced its quarterly earnings data 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). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the previous year, the business earned $1.98 EPS. Ferrari’s revenue was up 6.5% on a year-over-year basis. Research analysts forecast that Ferrari will post 8.59 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft initiated coverage on Ferrari in a report on Thursday. They issued a “hold” rating for the company. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $385.00 to $525.00 in a report on Friday, October 11th. Barclays cut Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. Finally, UBS Group upped their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari 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.