Ferrari (NYSE:RACE) is Bank of Italy's Largest Position

Bank of Italy increased its holdings in Ferrari (NYSE:RACE - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,339,620 shares of the company's stock after buying an additional 63,675 shares during the quarter. Ferrari comprises approximately 49.8% of Bank of Italy's investment portfolio, making the stock its largest holding. Bank of Italy owned 1.27% of Ferrari worth $1,002,392,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Marcum Wealth LLC raised its position in Ferrari by 19.3% during the fourth quarter. Marcum Wealth LLC now owns 1,179 shares of the company's stock valued at $501,000 after acquiring an additional 191 shares in the last quarter. Parisi Gray Wealth Management increased its holdings in shares of Ferrari by 4.1% during the 4th quarter. Parisi Gray Wealth Management now owns 1,316 shares of the company's stock valued at $562,000 after purchasing an additional 52 shares in the last quarter. Miracle Mile Advisors LLC lifted its stake in shares of Ferrari by 123.9% in the 4th quarter. Miracle Mile Advisors LLC now owns 9,005 shares of the company's stock valued at $3,826,000 after purchasing an additional 4,983 shares during the period. Wedmont Private Capital boosted its holdings in Ferrari by 13.0% during the fourth quarter. Wedmont Private Capital now owns 539 shares of the company's stock worth $231,000 after buying an additional 62 shares in the last quarter. Finally, Paragon Advisors LLC grew its position in Ferrari by 8.0% during the fourth quarter. Paragon Advisors LLC now owns 4,625 shares of the company's stock valued at $1,965,000 after buying an additional 342 shares during the period.

Ferrari Trading Up 2.3 %

RACE stock traded up $9.62 during midday trading on Wednesday, hitting $431.59. 163,848 shares of the company's stock were exchanged, compared to its average volume of 233,982. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock has a market capitalization of $79.74 billion, a PE ratio of 50.13, a P/E/G ratio of 4.26 and a beta of 0.95. The business has a 50-day simple moving average of $435.31 and a two-hundred day simple moving average of $447.97.

Ferrari (NYSE:RACE - Get Free Report) last posted its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing analysts' consensus estimates of $2.11 by ($0.03). The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The company's quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.98 EPS. On average, sell-side analysts predict that Ferrari will post 8.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RACE. JPMorgan Chase & Co. upgraded Ferrari from a "neutral" rating to an "overweight" rating and raised their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Evercore ISI increased their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an "outperform" rating in a report on Tuesday, October 22nd. UBS Group raised their price target on shares of Ferrari from $478.00 to $513.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, StockNews.com cut Ferrari from a "buy" rating to a "hold" rating in a report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Ferrari presently has an average rating of "Moderate Buy" and a consensus target price of $507.14.

About Ferrari

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.