Ferrari (NYSE:RACE) Shares Sold by LGT Group Foundation

LGT Group Foundation lessened its stake in shares of Ferrari (NYSE:RACE) by 5.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,767 shares of the company’s stock after selling 354 shares during the quarter. LGT Group Foundation’s holdings in Ferrari were worth $2,352,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Rothschild Investment LLC purchased a new stake in Ferrari during the 2nd quarter worth about $29,000. IAG Wealth Partners LLC purchased a new stake in Ferrari during the 1st quarter worth about $33,000. Register Financial Advisors LLC purchased a new stake in Ferrari during the 1st quarter worth about $33,000. Denver PWM LLC purchased a new stake in Ferrari during the 2nd quarter worth about $35,000. Finally, Pittenger & Anderson Inc. grew its holdings in Ferrari by 168.6% in the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock valued at $41,000 after buying an additional 59 shares during the period.

Wall Street Analyst Weigh In

Several research firms have commented on RACE. UBS Group lifted their price target on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Morgan Stanley boosted their target price on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $481.67.

Ferrari Stock Up 0.3 %

Ferrari stock opened at $471.98 on Tuesday. The stock’s 50 day moving average price is $442.97 and its 200 day moving average price is $427.12. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. Ferrari has a one year low of $285.02 and a one year high of $498.23.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $1.63 billion. During the same period in the previous year, the company posted $1.99 EPS. Ferrari’s revenue for the quarter was up 16.1% on a year-over-year basis. Research analysts forecast that Ferrari will post 8.71 earnings per share for the current fiscal year.

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.