MAI Capital Management cut its holdings in shares of Ferrari (NYSE:RACE – Get Rating) by 3.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,884 shares of the company's stock after selling 135 shares during the quarter. MAI Capital Management's holdings in Ferrari were worth $713,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Legacy Wealth Asset Management LLC boosted its stake in shares of Ferrari by 2.7% in the second quarter. Legacy Wealth Asset Management LLC now owns 5,537 shares of the company's stock worth $1,016,000 after buying an additional 143 shares during the last quarter. Douglas Lane & Associates LLC grew its stake in shares of Ferrari by 25.6% during the 2nd quarter. Douglas Lane & Associates LLC now owns 113,225 shares of the company's stock worth $20,775,000 after purchasing an additional 23,070 shares during the period. Veriti Management LLC increased its holdings in shares of Ferrari by 22.5% during the 2nd quarter. Veriti Management LLC now owns 1,350 shares of the company's stock valued at $248,000 after purchasing an additional 248 shares in the last quarter. Miracle Mile Advisors LLC lifted its stake in shares of Ferrari by 12.5% in the 2nd quarter. Miracle Mile Advisors LLC now owns 4,500 shares of the company's stock valued at $826,000 after purchasing an additional 500 shares during the period. Finally, BMS Financial Advisors LLC boosted its holdings in Ferrari by 5.2% during the second quarter. BMS Financial Advisors LLC now owns 1,979 shares of the company's stock worth $362,000 after buying an additional 98 shares in the last quarter. 32.31% of the stock is currently owned by institutional investors and hedge funds.
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Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on RACE shares. Kepler Capital Markets raised shares of Ferrari to a "hold" rating and set a $185.00 target price on the stock in a research note on Friday, July 8th. Jefferies Financial Group upgraded Ferrari from an "underperform" rating to a "hold" rating and set a $180.00 price objective for the company in a research report on Monday, July 4th. StockNews.com upgraded Ferrari from a "hold" rating to a "buy" rating in a research report on Friday, September 23rd. Cheuvreux upgraded shares of Ferrari from a "reduce" rating to a "hold" rating in a research report on Wednesday, June 8th. Finally, Credit Suisse Group reissued a "buy" rating and set a $285.00 target price on shares of Ferrari in a research note on Friday, June 10th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $237.00.
Ferrari Stock Performance
NYSE RACE opened at $185.00 on Friday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 3.42 and a current ratio of 4.14. The stock's fifty day moving average is $201.05 and its two-hundred day moving average is $200.31. The firm has a market capitalization of $34.18 billion, a P/E ratio of 33.39, a price-to-earnings-growth ratio of 3.28 and a beta of 0.97. Ferrari has a fifty-two week low of $167.45 and a fifty-two week high of $278.78.
Ferrari (NYSE:RACE – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.45 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.27. Ferrari had a net margin of 19.35% and a return on equity of 40.61%. The firm had revenue of $1.38 billion for the quarter, compared to analysts' expectations of $1.19 billion. On average, research analysts anticipate that Ferrari will post 4.95 earnings per share for the current year.
Ferrari Profile
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Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars.
Further Reading
- Get a free copy of the StockNews.com research report on Ferrari (RACE)
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