Miura Global Management LLC Reduces Position in Ferrari (NYSE:RACE)

Miura Global Management LLC trimmed its position in Ferrari (NYSE:RACE) by 41.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,500 shares of the company’s stock after selling 2,500 shares during the quarter. Ferrari makes up 1.9% of Miura Global Management LLC’s investment portfolio, making the stock its 16th largest position. Miura Global Management LLC’s holdings in Ferrari were worth $1,645,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. acquired a new position in Ferrari in the 3rd quarter valued at about $29,000. Planning Capital Management Corp acquired a new position in Ferrari during the third quarter worth $30,000. Rothschild Investment LLC purchased a new stake in shares of Ferrari in the 2nd quarter worth about $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Ferrari in the third quarter valued at approximately $33,000. Finally, Valley Wealth Managers Inc. acquired a new position in shares of Ferrari in the second quarter worth $33,000.

Analyst Ratings Changes

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

Ferrari Trading Up 1.6 %

NYSE:RACE opened at $444.48 on Wednesday. The company has a market cap of $82.12 billion, a PE ratio of 51.62, a P/E/G ratio of 4.10 and a beta of 0.95. The business’s 50 day moving average is $457.54 and its two-hundred day moving average is $443.96. The company has a quick ratio of 3.55, a current ratio of 4.57 and a debt-to-equity ratio of 0.93. Ferrari has a 52 week low of $330.15 and a 52 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 return on equity of 44.67% and a net margin of 22.16%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same quarter last year, the company earned $1.98 EPS. Ferrari’s revenue was up 6.5% compared to the same quarter last year. On average, analysts predict that Ferrari will post 8.58 EPS for the current year.

Ferrari Company 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.