AustralianSuper Pty Ltd Trims Stock Position in Ferrari (NYSE:RACE)

AustralianSuper Pty Ltd trimmed its holdings in shares of Ferrari (NYSE:RACE) by 97.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,217 shares of the company’s stock after selling 254,848 shares during the period. AustralianSuper Pty Ltd’s holdings in Ferrari were worth $2,944,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Atomi Financial Group Inc. lifted its position in shares of Ferrari by 30.0% in the second quarter. Atomi Financial Group Inc. now owns 1,036 shares of the company’s stock valued at $423,000 after acquiring an additional 239 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Ferrari by 12.7% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 152,304 shares of the company’s stock valued at $62,196,000 after purchasing an additional 17,165 shares during the last quarter. Calamos Wealth Management LLC lifted its holdings in Ferrari by 9.5% in the 2nd quarter. Calamos Wealth Management LLC now owns 4,406 shares of the company’s stock valued at $1,799,000 after purchasing an additional 384 shares in the last quarter. Silvant Capital Management LLC boosted its stake in shares of Ferrari by 29.6% during the 2nd quarter. Silvant Capital Management LLC now owns 5,202 shares of the company’s stock worth $2,124,000 after purchasing an additional 1,187 shares during the last quarter. Finally, LRI Investments LLC grew its holdings in shares of Ferrari by 379.0% during the second quarter. LRI Investments LLC now owns 958 shares of the company’s stock worth $391,000 after buying an additional 758 shares in the last quarter.

Ferrari Trading Down 0.5 %

NYSE:RACE traded down $2.54 on Wednesday, hitting $486.72. 51,221 shares of the stock were exchanged, compared to its average volume of 273,204. The stock has a fifty day moving average of $428.89 and a 200-day moving average of $420.49. The stock has a market cap of $89.92 billion, a PE ratio of 62.49, a PEG ratio of 4.85 and a beta of 0.99. 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 fifty-two week low of $285.02 and a fifty-two week high of $491.59.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS 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 analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $1.99 earnings per share. Ferrari’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, equities analysts expect that Ferrari will post 8.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RACE has been the topic of several recent analyst reports. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Morgan Stanley increased their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday. UBS Group lifted their price objective on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group started coverage on Ferrari in a report on Friday, May 10th. They issued a “hold” rating and a $403.00 price target for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $481.67.

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.