Freedom Investment Management Inc. Sells 210 Shares of Ferrari (NYSE:RACE)

Freedom Investment Management Inc. lowered its position in Ferrari (NYSE:RACE) by 9.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,016 shares of the company’s stock after selling 210 shares during the period. Freedom Investment Management Inc.’s holdings in Ferrari were worth $948,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Blue Trust Inc. boosted its stake in Ferrari by 3,806.5% in the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after purchasing an additional 1,180 shares in the last quarter. Cerity Partners LLC lifted its position in Ferrari by 14.0% during the 3rd quarter. Cerity Partners LLC now owns 26,915 shares of the company’s stock worth $12,653,000 after buying an additional 3,308 shares in the last quarter. Raymond James & Associates grew its holdings in 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. Gateway Investment Advisers LLC increased its position in Ferrari by 46.7% in the 2nd quarter. Gateway Investment Advisers LLC now owns 6,864 shares of the company’s stock valued at $2,803,000 after acquiring an additional 2,185 shares in the last quarter. Finally, Rheos Capital Works Inc. raised its stake in shares of Ferrari by 30.3% in the third quarter. Rheos Capital Works Inc. now owns 111,700 shares of the company’s stock worth $52,511,000 after acquiring an additional 26,000 shares during the last quarter.

Ferrari Stock Down 0.0 %

Shares of NYSE:RACE opened at $431.57 on Friday. The firm’s 50 day simple moving average is $459.73 and its 200 day simple moving average is $443.07. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93.

Ferrari (NYSE:RACE) last posted its 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). The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the business posted $1.98 earnings per share. On average, equities research analysts anticipate that Ferrari will post 8.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on RACE. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and increased their price target for the company from $385.00 to $525.00 in a research note on Friday, October 11th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Morgan Stanley raised their price target on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI boosted 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, UBS Group raised their target price on shares of Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $507.14.

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.