Fmr LLC Sells 100,635 Shares of Ferrari (NYSE:RACE)

Fmr LLC lessened its holdings in Ferrari (NYSE:RACE) by 8.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,049,358 shares of the company’s stock after selling 100,635 shares during the period. Fmr LLC’s holdings in Ferrari were worth $491,507,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jamison Private Wealth Management Inc. increased its position in Ferrari by 27.2% in the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after buying an additional 22 shares in the last quarter. Contravisory Investment Management Inc. raised its stake in Ferrari by 4.6% during the 2nd quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after acquiring an additional 23 shares during the period. First Citizens Bank & Trust Co. lifted its holdings in Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares in the last quarter. Columbia Asset Management boosted its position in shares of Ferrari by 1.8% in the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after purchasing an additional 25 shares during the period. Finally, Addison Advisors LLC increased its stake in shares of Ferrari by 13.6% in the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock worth $102,000 after purchasing an additional 26 shares in the last quarter.

Ferrari Stock Up 0.6 %

NYSE RACE opened at $434.16 on Friday. The stock has a 50 day moving average price of $459.00 and a 200-day moving average price of $443.27. Ferrari has a one year low of $330.15 and a one year high of $498.23. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The company has a market capitalization of $80.21 billion, a P/E ratio of 50.43, a P/E/G ratio of 4.01 and a beta of 0.99.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter last year, the business earned $1.98 EPS. Ferrari’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, equities analysts predict that Ferrari will post 8.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Evercore ISI lifted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. UBS Group upped their price objective on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley upped their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the company 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, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $507.14.

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.