Comgest Global Investors S.A.S. Lowers Stock Holdings in Ferrari (NYSE:RACE)

Comgest Global Investors S.A.S. reduced its stake in Ferrari (NYSE:RACE) by 9.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,251 shares of the company’s stock after selling 455 shares during the quarter. Comgest Global Investors S.A.S.’s holdings in Ferrari were worth $1,998,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. QRG Capital Management Inc. purchased a new stake in shares of Ferrari in the first quarter valued at approximately $225,000. Avantax Advisory Services Inc. purchased a new stake in shares of Ferrari in the first quarter valued at approximately $449,000. HBK Sorce Advisory LLC boosted its stake in shares of Ferrari by 18.3% in the first quarter. HBK Sorce Advisory LLC now owns 788 shares of the company’s stock valued at $344,000 after buying an additional 122 shares in the last quarter. Orion Portfolio Solutions LLC boosted its stake in shares of Ferrari by 198.0% in the first quarter. Orion Portfolio Solutions LLC now owns 7,302 shares of the company’s stock valued at $3,183,000 after buying an additional 4,852 shares in the last quarter. Finally, Blair William & Co. IL boosted its stake in shares of Ferrari by 3.3% in the first quarter. Blair William & Co. IL now owns 3,731 shares of the company’s stock valued at $1,626,000 after buying an additional 120 shares in the last quarter.

Ferrari Stock Performance

Shares of NYSE RACE traded down $9.40 during trading on Friday, reaching $430.99. The company had a trading volume of 280,182 shares, compared to its average volume of 282,973. Ferrari has a twelve month low of $330.15 and a twelve month high of $498.23. The stock has a 50-day moving average price of $466.22 and a two-hundred day moving average price of $442.00. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the firm earned $1.98 earnings per share. The business’s revenue was up 6.5% compared to the same quarter last year. Research analysts expect that Ferrari will post 8.75 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Morgan Stanley lifted their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research note on Tuesday, August 27th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI lifted their price objective on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Finally, StockNews.com cut Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. One investment 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 data from MarketBeat.com, Ferrari has an average rating of “Moderate Buy” and an average target price of $507.14.

Ferrari 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.