Secure Asset Management LLC Invests $2.23 Million in Ferrari N.V. $RACE

Secure Asset Management LLC acquired a new stake in Ferrari N.V. (NYSE:RACE) during the second quarter, HoldingsChannel.com reports. The fund acquired 5,997 shares of the company’s stock, valued at approximately $2,233,000.

Several other large investors also recently modified their holdings of the company. Fideuram Asset Management Ireland dac bought a new position in Ferrari during the fourth quarter worth $29,000. Entrust Financial LLC bought a new stake in Ferrari during the fourth quarter valued at $33,000. Bellevue Asset Management LLC acquired a new stake in Ferrari during the 1st quarter worth about $34,000. Bamco Inc. NY grew its holdings in Ferrari by 790.9% during the 4th quarter. Bamco Inc. NY now owns 98 shares of the company’s stock worth $36,000 after acquiring an additional 87 shares during the period. Finally, Dunhill Financial LLC bought a new position in shares of Ferrari in the 2nd quarter worth about $38,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wolfe Research began coverage on Ferrari in a research note on Tuesday, July 7th. They issued an “outperform” rating on the stock. Sanford C. Bernstein raised their target price on Ferrari from $402.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Citigroup reiterated a “neutral” rating on shares of Ferrari in a report on Monday, August 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Ferrari in a research note on Wednesday, July 8th. Finally, Evercore restated an “outperform” rating and set a $485.00 price target on shares of Ferrari in a report on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $477.15.

Key Stories Impacting Ferrari

Here are the key news stories impacting Ferrari this week:

• Positive Sentiment: Ferrari completed the second tranche of its multi-year share-repurchase program and announced the third tranche. The buyback program is part of an approximately €3.5 billion capital-return plan expected to run through 2030, which could reduce the share count and support earnings per share and shareholder returns. Ferrari share repurchase program announcement

Ferrari Trading Down 2.9%

RACE opened at $410.14 on Wednesday. The company has a fifty day moving average price of $393.01 and a two-hundred day moving average price of $363.94. Ferrari N.V. has a 1-year low of $312.51 and a 1-year high of $504.49. The company has a market cap of $95.95 billion, a P/E ratio of 38.08, a price-to-earnings-growth ratio of 3.63 and a beta of 0.92. The company has a current ratio of 4.85, a quick ratio of 3.70 and a debt-to-equity ratio of 0.86.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Friday, July 31st. The company reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.16. Ferrari had a net margin of 22.29% and a return on equity of 42.83%. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.14 billion. During the same quarter in the prior year, the firm earned $2.38 EPS. The business’s revenue was up 8.4% on a year-over-year basis. Analysts predict that Ferrari N.V. will post 11.18 EPS for the current fiscal year.

About Ferrari

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.