Fort L.P. Sells 75 Shares of Ferrari (NYSE:RACE)

Fort L.P. reduced its stake in shares of Ferrari (NYSE:RACE) by 10.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 620 shares of the company’s stock after selling 75 shares during the quarter. Fort L.P.’s holdings in Ferrari were worth $291,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Ferrari during the third quarter valued at approximately $29,000. Rothschild Investment LLC bought a new stake in shares of Ferrari during the second quarter valued at approximately $29,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari during the second quarter valued at approximately $33,000. Denver PWM LLC bought a new stake in shares of Ferrari during the second quarter valued at approximately $35,000. Finally, Pittenger & Anderson Inc. grew its stake in shares of Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after purchasing an additional 59 shares during the last quarter.

Ferrari Stock Performance

Shares of NYSE RACE traded up $0.88 during midday trading on Friday, reaching $476.76. 298,396 shares of the stock were exchanged, compared to its average volume of 255,528. Ferrari has a 12 month low of $315.54 and a 12 month high of $498.23. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The business has a 50-day simple moving average of $474.09 and a two-hundred day simple moving average of $440.07.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the business posted $1.99 earnings per share. The firm’s quarterly revenue was up 16.1% on a year-over-year basis. On average, analysts anticipate that Ferrari will post 8.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. 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. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price objective 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. Finally, JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their price objective for the company 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 assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.