Assetmark Inc. Purchases 155 Shares of Ferrari (NYSE:RACE)

Assetmark Inc. increased its position in Ferrari (NYSE:RACE) by 11.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,550 shares of the company’s stock after buying an additional 155 shares during the quarter. Assetmark Inc.’s holdings in Ferrari were worth $729,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Rothschild Investment LLC purchased a new stake in Ferrari in the second quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari in the third quarter worth $29,000. Valley Wealth Managers Inc. bought a new stake in Ferrari in the second quarter worth $33,000. Denver PWM LLC bought a new stake in Ferrari in the second quarter worth $35,000. Finally, FSC Wealth Advisors LLC bought a new stake in Ferrari in the third quarter worth $47,000.

Ferrari Stock Down 2.1 %

NYSE:RACE opened at $430.99 on Friday. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The firm has a 50-day moving average of $467.02 and a two-hundred day moving average of $441.95. 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 (NYSE:RACE) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.98 EPS. As a group, equities analysts anticipate that Ferrari will post 8.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Morgan Stanley increased their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI increased their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. UBS Group increased their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $385.00 to $525.00 in a research report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

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.