Spectrum Wealth Counsel LLC Has $57,000 Holdings in Ferrari (NYSE:RACE)

Spectrum Wealth Counsel LLC cut its holdings in shares of Ferrari (NYSE:RACE) by 14.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140 shares of the company’s stock after selling 24 shares during the period. Spectrum Wealth Counsel LLC’s holdings in Ferrari were worth $57,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Rothschild Investment LLC acquired a new stake in shares of Ferrari in the second quarter valued at $29,000. IAG Wealth Partners LLC acquired a new stake in Ferrari in the 1st quarter valued at about $33,000. Register Financial Advisors LLC bought a new position in shares of Ferrari in the first quarter worth about $33,000. Valley Wealth Managers Inc. acquired a new position in shares of Ferrari during the second quarter worth approximately $33,000. Finally, Denver PWM LLC bought a new stake in shares of Ferrari during the second quarter valued at approximately $35,000.

Ferrari Trading Down 0.6 %

Shares of RACE opened at $469.09 on Friday. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The stock’s 50-day moving average price is $446.99 and its two-hundred day moving average price is $428.51. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate 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 quarter last year, the firm earned $1.99 EPS. Ferrari’s quarterly revenue was up 16.1% compared to the same quarter last year. Equities analysts expect that Ferrari will post 8.71 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.