William Blair Investment Management LLC Lowers Stock Holdings in Ferrari (NYSE:RACE)

William Blair Investment Management LLC lowered its holdings in Ferrari (NYSE:RACE) by 9.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 509,566 shares of the company’s stock after selling 54,554 shares during the period. William Blair Investment Management LLC’s holdings in Ferrari were worth $208,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rothschild Investment LLC acquired a new position in Ferrari in the second quarter valued at $29,000. IAG Wealth Partners LLC acquired a new position in Ferrari in the first quarter valued at $33,000. Register Financial Advisors LLC acquired a new position in Ferrari in the first quarter valued at $33,000. Valley Wealth Managers Inc. acquired a new position in Ferrari in the second quarter valued at $33,000. Finally, Denver PWM LLC acquired a new position in shares of Ferrari during the second quarter worth about $35,000.

Analysts Set New Price Targets

A number of brokerages have commented on RACE. Morgan Stanley boosted their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. UBS Group boosted their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $481.67.

Ferrari Trading Down 0.6 %

Shares of RACE opened at $469.09 on Friday. 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 $285.02 and a 52 week high of $498.23. The stock has a 50 day moving average of $446.99 and a 200-day moving average of $428.46.

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

Ferrari 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.