China Universal Asset Management Co. Ltd. Reduces Stock Holdings in Ferrari (NYSE:RACE)

China Universal Asset Management Co. Ltd. reduced its holdings in Ferrari (NYSE:RACE) by 10.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,683 shares of the company’s stock after selling 300 shares during the period. China Universal Asset Management Co. Ltd.’s holdings in Ferrari were worth $1,261,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Ferrari by 16.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,702 shares of the company’s stock worth $742,000 after buying an additional 235 shares in the last quarter. Norden Group LLC purchased a new stake in Ferrari during the first quarter worth $1,522,000. First Trust Direct Indexing L.P. boosted its holdings in Ferrari by 8.3% during the first quarter. First Trust Direct Indexing L.P. now owns 3,146 shares of the company’s stock worth $1,371,000 after buying an additional 242 shares in the last quarter. Legacy Wealth Asset Management LLC boosted its holdings in Ferrari by 4.8% during the first quarter. Legacy Wealth Asset Management LLC now owns 5,509 shares of the company’s stock worth $2,402,000 after buying an additional 251 shares in the last quarter. Finally, Marshall Financial Group LLC boosted its holdings in Ferrari by 7.0% during the first quarter. Marshall Financial Group LLC now owns 2,630 shares of the company’s stock worth $1,147,000 after buying an additional 173 shares in the last quarter.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Morgan Stanley increased their price objective on shares of 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 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. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $502.14.

Ferrari Price Performance

Shares of NYSE RACE opened at $488.15 on Wednesday. The firm has a 50-day simple moving average of $474.25 and a 200-day simple moving average of $438.88. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. Ferrari has a 52 week low of $298.53 and a 52 week high of $498.23.

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

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.