1832 Asset Management L.P. Sells 528 Shares of Ferrari (NYSE:RACE)

1832 Asset Management L.P. lessened its stake in shares of Ferrari (NYSE:RACE) by 5.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,201 shares of the company’s stock after selling 528 shares during the quarter. 1832 Asset Management L.P.’s holdings in Ferrari were worth $3,757,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Rothschild Investment LLC bought a new stake in Ferrari during the second quarter worth approximately $29,000. Register Financial Advisors LLC acquired a new stake in shares of Ferrari in the first quarter worth $33,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari during the 2nd quarter worth $33,000. Denver PWM LLC acquired a new stake in shares of Ferrari in the second quarter valued at about $35,000. Finally, Pittenger & Anderson Inc. increased its stake in shares of Ferrari by 168.6% in the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares during the period.

Ferrari Stock Up 0.2 %

Shares of RACE stock opened at $477.84 on Wednesday. Ferrari has a one year low of $285.02 and a one year high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. The stock has a fifty day moving average price of $452.45 and a 200 day moving average price of $430.97.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The company’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 earnings per share. Research analysts anticipate that Ferrari will post 8.81 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on RACE. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. UBS Group increased their price objective on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Finally, Morgan Stanley upped their target price on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $481.67.

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.