Principal Street Partners LLC Has $911,000 Stock Position in Ferrari (NYSE:RACE)

Principal Street Partners LLC boosted its position in Ferrari (NYSE:RACE) by 98.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,938 shares of the company’s stock after acquiring an additional 960 shares during the quarter. Principal Street Partners LLC’s holdings in Ferrari were worth $911,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of RACE. Rothschild Investment LLC acquired a new stake in shares of Ferrari in the second quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Ferrari during the 3rd quarter worth approximately $29,000. Planning Capital Management Corp bought a new stake in shares of Ferrari in the 3rd quarter worth about $30,000. Valley Wealth Managers Inc. acquired a new stake in shares of Ferrari during the second quarter worth approximately $33,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of Ferrari in the third quarter valued at approximately $33,000.

Wall Street Analyst Weigh In

RACE has been the subject of a number of recent analyst reports. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Evercore ISI increased 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. UBS Group raised their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley boosted their price objective on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Trading Down 0.6 %

RACE opened at $432.82 on Tuesday. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The firm has a market capitalization of $79.96 billion, a price-to-earnings ratio of 50.55, a PEG ratio of 4.07 and a beta of 0.99. The company’s 50 day moving average price is $461.73 and its two-hundred day moving average price is $443.05.

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 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 business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the firm posted $1.98 earnings per share. Ferrari’s quarterly revenue was up 6.5% compared to the same quarter last year. As a group, research analysts predict that Ferrari will post 8.66 earnings per share for the current year.

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.