Dakota Wealth Management Has $18.64 Million Stock Position in Ferrari (NYSE:RACE)

Dakota Wealth Management increased its holdings in shares of Ferrari (NYSE:RACE) by 1.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,656 shares of the company’s stock after buying an additional 518 shares during the quarter. Dakota Wealth Management’s holdings in Ferrari were worth $18,643,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Rothschild Investment LLC acquired a new stake in shares of Ferrari during the second quarter worth about $29,000. Register Financial Advisors LLC bought a new stake in Ferrari during the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. acquired a new stake in Ferrari during the 2nd quarter worth approximately $33,000. Denver PWM LLC bought a new position in Ferrari in the second quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. boosted its holdings in shares of Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after buying an additional 59 shares during the period.

Ferrari Price Performance

RACE opened at $486.43 on Friday. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 12-month low of $296.34 and a 12-month high of $498.23. The business has a 50 day moving average of $472.13 and a 200-day moving average of $436.82.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the firm earned $1.99 EPS. The business’s revenue was up 16.1% on a year-over-year basis. As a group, research analysts predict that Ferrari will post 8.65 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on RACE. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI boosted their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Morgan Stanley increased their price objective on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One investment 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $502.14.

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.