SeaCrest Wealth Management LLC Trims Stake in Ferrari (NYSE:RACE)

SeaCrest Wealth Management LLC cut its stake in shares of Ferrari (NYSE:RACE) by 6.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,083 shares of the company’s stock after selling 230 shares during the period. SeaCrest Wealth Management LLC’s holdings in Ferrari were worth $1,310,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RACE. Jennison Associates LLC raised its stake in Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after acquiring an additional 2,636,869 shares during the last quarter. International Assets Investment Management LLC raised its stake in Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after acquiring an additional 1,178,410 shares during the last quarter. Marshall Wace LLP increased its position in Ferrari by 108.4% during the 2nd quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock worth $361,961,000 after purchasing an additional 461,409 shares during the period. Quadrature Capital Ltd increased its position in Ferrari by 83.7% during the 3rd quarter. Quadrature Capital Ltd now owns 231,279 shares of the company’s stock worth $108,417,000 after purchasing an additional 105,390 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Ferrari by 89.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after purchasing an additional 104,366 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on RACE shares. StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI boosted their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 22nd. UBS Group boosted their target price on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and boosted their target price 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, two have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari Stock Performance

RACE opened at $431.74 on Thursday. The stock has a market cap of $79.76 billion, a P/E ratio of 50.14, a P/E/G ratio of 4.26 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The stock’s 50 day simple moving average is $435.31 and its 200 day simple moving average is $447.97. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share 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 business’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.98 EPS. As a group, equities analysts anticipate that Ferrari will post 8.58 EPS for the current fiscal 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.