Frank Rimerman Advisors LLC Decreases Stock Holdings in Ferrari (NYSE:RACE)

Frank Rimerman Advisors LLC reduced its position in shares of Ferrari (NYSE:RACE) by 16.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,326 shares of the company’s stock after selling 4,209 shares during the quarter. Ferrari makes up about 0.7% of Frank Rimerman Advisors LLC’s holdings, making the stock its 20th biggest holding. Frank Rimerman Advisors LLC’s holdings in Ferrari were worth $10,026,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RACE. Blue Trust Inc. raised its stake in Ferrari by 3,806.5% in the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after buying an additional 1,180 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Ferrari by 1.3% during the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after acquiring an additional 655 shares during the period. Jennison Associates LLC lifted its stake in shares of Ferrari by 10.5% in the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after purchasing an additional 25,228 shares during the period. Capital Wealth Planning LLC boosted its position in shares of Ferrari by 127.6% during the first quarter. Capital Wealth Planning LLC now owns 7,511 shares of the company’s stock valued at $3,274,000 after purchasing an additional 4,211 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its stake in Ferrari by 46.7% in the second quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock worth $2,803,000 after purchasing an additional 2,185 shares during the period.

Ferrari Price Performance

NYSE RACE opened at $484.73 on Friday. Ferrari has a 52 week low of $296.34 and a 52 week 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 company has a fifty day moving average of $473.28 and a two-hundred day moving average of $437.71.

Ferrari (NYSE:RACE) last released its earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The firm had revenue of $1.71 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the prior year, the firm posted $1.99 earnings per share. The company’s quarterly revenue was up 16.1% on a year-over-year basis. As a group, equities analysts predict that Ferrari will post 8.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RACE shares. Morgan Stanley raised their price objective on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. Evercore ISI raised their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. One equities 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $502.14.

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.