Independent Solutions Wealth Management LLC Sells 125 Shares of Ferrari (NYSE:RACE)

Independent Solutions Wealth Management LLC reduced its position in Ferrari (NYSE:RACE) by 3.4% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,600 shares of the company’s stock after selling 125 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Ferrari were worth $1,692,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its holdings in Ferrari by 23.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 2,104 shares of the company’s stock worth $859,000 after buying an additional 402 shares during the period. Raymond James & Associates lifted its position in shares of Ferrari by 1.3% in the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after purchasing an additional 655 shares during the period. Fifth Third Bancorp raised its stake in Ferrari by 236.4% during the second quarter. Fifth Third Bancorp now owns 370 shares of the company’s stock worth $151,000 after buying an additional 260 shares during the last quarter. Premier Path Wealth Partners LLC acquired a new stake in Ferrari during the 2nd quarter worth about $241,000. Finally, EWA LLC bought a new stake in shares of Ferrari during the 2nd quarter valued at about $206,000.

Ferrari Price Performance

Shares of Ferrari stock traded up $2.19 during trading hours on Thursday, reaching $425.02. The company’s stock had a trading volume of 293,382 shares, compared to its average volume of 281,361. Ferrari has a one year low of $330.15 and a one 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. The firm has a 50 day moving average price of $453.96 and a 200-day moving average price of $446.17. The stock has a market cap of $78.52 billion, a P/E ratio of 49.36, a P/E/G ratio of 4.26 and a beta of 0.95.

Ferrari (NYSE:RACE) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.80 billion. During the same quarter in the prior year, the firm posted $1.98 EPS. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. On average, analysts predict that Ferrari will post 8.58 EPS for the current year.

Analyst Ratings Changes

RACE has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. 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 report on Wednesday, November 6th. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Evercore ISI upped their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Finally, StockNews.com cut shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and a consensus target price of $507.14.

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.