Beck Bode LLC Decreases Stock Position in Ferrari (NYSE:RACE)

Beck Bode LLC trimmed its holdings in shares of Ferrari (NYSE:RACE) by 5.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,632 shares of the company’s stock after selling 143 shares during the period. Beck Bode LLC’s holdings in Ferrari were worth $1,075,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its holdings in shares of Ferrari by 3,806.5% during the 2nd quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock valued at $528,000 after buying an additional 1,180 shares during the period. Logan Capital Management Inc. raised its position in Ferrari by 1.9% in the fourth quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after acquiring an additional 87 shares during the period. Raymond James & Associates boosted its stake in shares of Ferrari by 1.3% during the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock worth $20,519,000 after acquiring an additional 655 shares during the last quarter. Vanguard Group Inc. lifted its position in Ferrari by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock valued at $1,518,991,000 after purchasing an additional 46,938 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in Ferrari by 10.5% during the first quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock valued at $116,225,000 after purchasing an additional 25,228 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the topic of several analyst reports. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. UBS Group raised their target price on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Finally, Morgan Stanley boosted their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $462.86 on Wednesday. The firm has a fifty day simple moving average of $448.45 and a two-hundred day simple moving average of $429.05. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 52 week low of $285.02 and a 52 week high of $498.23. The stock has a market capitalization of $85.51 billion, a P/E ratio of 59.11, a PEG ratio of 4.98 and a beta of 1.00.

Ferrari (NYSE:RACE) last posted its quarterly earnings data 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 net margin of 21.84% and a return on equity of 45.13%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the firm earned $1.99 earnings per share. Ferrari’s quarterly revenue was up 16.1% compared to the same quarter last year. On average, analysts expect that Ferrari will post 8.71 earnings per share for the current fiscal year.

About Ferrari

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.