Ferrari (NYSE:RACE) Shares Sold by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. decreased its holdings in shares of Ferrari (NYSE:RACE) by 45.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 4,582 shares of the company’s stock after selling 3,799 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Ferrari were worth $2,154,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RACE. Rothschild Investment LLC acquired a new stake in Ferrari during the second quarter worth $29,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Ferrari in the third quarter valued at $29,000. Valley Wealth Managers Inc. acquired a new stake in shares of Ferrari in the second quarter valued at $33,000. Denver PWM LLC acquired a new stake in shares of Ferrari in the second quarter valued at $35,000. Finally, FSC Wealth Advisors LLC acquired a new stake in shares of Ferrari in the third quarter valued at $47,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RACE. 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. JPMorgan Chase & Co. raised 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 note on Friday, October 11th. Evercore ISI lifted their price objective on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Finally, Morgan Stanley lifted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Ferrari presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Down 3.3 %

Shares of NYSE RACE opened at $437.39 on Wednesday. The company has a market capitalization of $80.81 billion, a price-to-earnings ratio of 51.13, a price-to-earnings-growth ratio of 4.81 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.32. The business has a 50-day moving average of $469.69 and a two-hundred day moving average of $441.87. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period last year, the firm earned $1.98 earnings per share. On average, analysts forecast that Ferrari will post 8.75 earnings per share for the current fiscal 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.