Fmr LLC Reduces Holdings in Ferrari (NYSE:RACE)

Fmr LLC lowered its stake in shares of Ferrari (NYSE:RACE) by 8.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,049,358 shares of the company’s stock after selling 100,635 shares during the quarter. Fmr LLC’s holdings in Ferrari were worth $491,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Jennison Associates LLC grew its holdings in shares of Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock worth $1,368,622,000 after acquiring an additional 2,636,869 shares during the period. International Assets Investment Management LLC grew its stake in Ferrari by 47,023.5% in the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after purchasing an additional 1,178,410 shares during the period. Marshall Wace LLP raised its holdings in Ferrari by 108.4% in 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 in the last quarter. Dnca Finance purchased a new position in Ferrari during the second quarter valued at $41,165,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Ferrari by 904.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 110,565 shares of the company’s stock valued at $51,968,000 after buying an additional 99,558 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Morgan Stanley boosted their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group lifted their price objective on Ferrari from $478.00 to $513.00 and gave the company 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 report on Wednesday, October 16th. Finally, Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Price Performance

Shares of NYSE:RACE opened at $434.16 on Friday. 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 firm has a market cap of $80.21 billion, a price-to-earnings ratio of 50.43, a price-to-earnings-growth ratio of 4.01 and a beta of 0.99. The business has a 50-day simple moving average of $459.00 and a two-hundred day simple moving average of $443.27. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share 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 company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the previous year, the firm earned $1.98 earnings per share. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, analysts expect that Ferrari will post 8.66 earnings per share for the current year.

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.