Ferrari (NYSE:RACE) Position Reduced by Goodman Advisory Group LLC

Goodman Advisory Group LLC lowered its stake in Ferrari (NYSE:RACE) by 15.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 690 shares of the company’s stock after selling 127 shares during the period. Goodman Advisory Group LLC’s holdings in Ferrari were worth $324,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Jennison Associates LLC increased its holdings in Ferrari by 910.1% in the third quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after buying an additional 2,636,869 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of 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 in the last quarter. Marshall Wace LLP lifted its stake in Ferrari by 108.4% during the second 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 last quarter. Quadrature Capital Ltd boosted its holdings in Ferrari by 83.7% in the third 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 stake in Ferrari by 89.9% during the third quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock valued at $103,621,000 after purchasing an additional 104,366 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on RACE. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. UBS Group raised their price target on Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, Morgan Stanley increased their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Performance

Shares of NYSE RACE opened at $448.51 on Tuesday. Ferrari has a one year low of $330.15 and a one year high of $498.23. The business’s 50-day moving average price is $455.63 and its two-hundred day moving average price is $444.90. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for 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 company’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.98 earnings per share. Sell-side analysts anticipate that Ferrari will post 8.58 earnings per share 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.