Great Valley Advisor Group Inc. Sells 614 Shares of Ferrari (NYSE:RACE)

Great Valley Advisor Group Inc. reduced its stake in shares of Ferrari (NYSE:RACE) by 38.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 969 shares of the company’s stock after selling 614 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Ferrari were worth $456,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of RACE. Jamison Private Wealth Management Inc. increased its holdings in Ferrari by 27.2% in the 3rd quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock valued at $48,000 after acquiring an additional 22 shares during the last quarter. Contravisory Investment Management Inc. increased its holdings in shares of Ferrari by 4.6% in the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after purchasing an additional 23 shares during the last quarter. First Citizens Bank & Trust Co. lifted its position in shares of Ferrari by 3.3% in the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after buying an additional 25 shares in the last quarter. Columbia Asset Management boosted its stake in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after buying an additional 25 shares during the last quarter. Finally, Addison Advisors LLC boosted its stake in Ferrari by 13.6% during the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock valued at $102,000 after buying an additional 26 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on RACE shares. Evercore ISI lifted their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 22nd. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. UBS Group lifted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the company from $385.00 to $525.00 in a research report on Friday, October 11th. Finally, StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. One equities research 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $507.14.

Ferrari Stock Down 0.9 %

Shares of NYSE:RACE opened at $431.40 on Wednesday. The firm has a market capitalization of $79.70 billion, a PE ratio of 50.10, a price-to-earnings-growth ratio of 4.07 and a beta of 0.99. The business has a 50 day simple moving average of $461.10 and a two-hundred day simple moving average of $443.24. Ferrari has a 1 year low of $330.15 and a 1 year high of $498.23. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55.

Ferrari (NYSE:RACE) last posted its quarterly earnings data 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). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the previous year, the firm earned $1.98 EPS. Ferrari’s revenue was up 6.5% compared to the same quarter last year. On average, equities analysts predict that Ferrari will post 8.66 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.