Elevation Point Wealth Partners LLC Purchases Shares of 1,254 Ferrari N.V. $RACE

Elevation Point Wealth Partners LLC purchased a new position in shares of Ferrari N.V. (NYSE:RACE) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,254 shares of the company’s stock, valued at approximately $466,000.

Other large investors also recently modified their holdings of the company. Benjamin Edwards Inc. increased its stake in shares of Ferrari by 3.7% in the 2nd quarter. Benjamin Edwards Inc. now owns 613 shares of the company’s stock valued at $299,000 after acquiring an additional 22 shares in the last quarter. Pacific Sun Financial Corp boosted its stake in Ferrari by 2.5% during the third quarter. Pacific Sun Financial Corp now owns 1,008 shares of the company’s stock worth $489,000 after acquiring an additional 25 shares in the last quarter. Horizon Investments LLC grew its holdings in Ferrari by 33.3% in the third quarter. Horizon Investments LLC now owns 104 shares of the company’s stock worth $50,000 after purchasing an additional 26 shares during the period. Evergreen Capital Management LLC grew its holdings in Ferrari by 1.4% in the second quarter. Evergreen Capital Management LLC now owns 1,928 shares of the company’s stock worth $946,000 after purchasing an additional 26 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Ferrari by 14.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 222 shares of the company’s stock valued at $108,000 after purchasing an additional 28 shares in the last quarter.

Ferrari Stock Down 0.6%

Shares of NYSE:RACE opened at $421.86 on Wednesday. The stock has a market cap of $98.69 billion, a price-to-earnings ratio of 39.17, a PEG ratio of 3.65 and a beta of 0.91. The company has a quick ratio of 3.70, a current ratio of 4.85 and a debt-to-equity ratio of 0.86. Ferrari N.V. has a 12-month low of $312.51 and a 12-month high of $504.49. The business’s 50 day moving average is $386.88 and its 200 day moving average is $361.63.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.16. The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.14 billion. Ferrari had a return on equity of 42.83% and a net margin of 22.29%.Ferrari’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.38 earnings per share. On average, sell-side analysts forecast that Ferrari N.V. will post 11.18 earnings per share for the current fiscal year.

Analyst Ratings Changes

RACE has been the topic of a number of research analyst reports. Evercore reissued an “outperform” rating and set a $485.00 price objective on shares of Ferrari in a research report on Friday, July 31st. Sanford C. Bernstein boosted their price objective on Ferrari from $402.00 to $460.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Wolfe Research started coverage on Ferrari in a report on Tuesday, July 7th. They issued an “outperform” rating on the stock. Morgan Stanley restated an “overweight” rating and set a $442.00 price target on shares of Ferrari in a research note on Friday, July 31st. Finally, Citigroup reaffirmed a “neutral” rating on shares of Ferrari in a research note on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and an average price target of $477.15.

Ferrari Company Profile

Ferrari N.V. (NYSE: RACE) is an Italian luxury sports car manufacturer best known for designing, engineering and selling high-performance automobiles under the Ferrari marque. The company’s core business centers on the development and manufacture of premium sports cars and limited-series models, complemented by personalization and bespoke engineering services for high-net-worth clients. Ferrari also generates revenue from brand licensing, the sale of spare parts and accessories, aftersales services, and curated client experiences such as driving programs and factory visits.

Founded from the automotive activities of Enzo Ferrari, the first cars bearing the Ferrari name emerged in the late 1940s; the brand has since built a reputation for performance, craftsmanship and exclusivity.