Great Valley Advisor Group Inc. Sells 614 Shares of Ferrari (NYSE:RACE)

Great Valley Advisor Group Inc. decreased its position in Ferrari (NYSE:RACE) by 38.8% in the third quarter, Holdings Channel reports. The firm owned 969 shares of the company’s stock after selling 614 shares during the period. Great Valley Advisor Group Inc.’s holdings in Ferrari were worth $456,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its stake in shares of Ferrari by 2.2% during the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock valued at $629,000 after purchasing an additional 31 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Ferrari by 10.4% in the 1st quarter. Janus Henderson Group PLC now owns 77,864 shares of the company’s stock worth $34,013,000 after acquiring an additional 7,336 shares in the last quarter. Virtu Financial LLC purchased a new stake in shares of Ferrari during the 1st quarter worth $293,000. LRI Investments LLC purchased a new stake in shares of Ferrari during the 1st quarter worth $87,000. Finally, Atria Investments Inc boosted its position in Ferrari by 34.6% during the first quarter. Atria Investments Inc now owns 7,017 shares of the company’s stock valued at $3,059,000 after purchasing an additional 1,804 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have commented on RACE shares. Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and raised their target price for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Morgan Stanley increased their price objective on Ferrari from $400.00 to $520.00 and gave the company 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 research note on Friday, August 2nd. 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Trading Down 0.9 %

Shares of Ferrari stock opened at $431.40 on Wednesday. The stock has a market cap of $79.70 billion, a PE ratio of 50.10, a price-to-earnings-growth ratio of 4.07 and a beta of 0.99. The firm has a fifty day moving average price of $461.10 and a 200 day moving average price of $443.24. Ferrari has a 1 year low of $330.15 and a 1 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.

Ferrari (NYSE:RACE) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share 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 company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business posted $1.98 earnings per share. The firm’s revenue was up 6.5% compared to the same quarter last year. Equities research analysts predict that Ferrari will post 8.66 earnings per share for the current 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.