Douglas Lane & Associates LLC Sells 3,034 Shares of Ferrari (NYSE:RACE)

Douglas Lane & Associates LLC cut its holdings in Ferrari (NYSE:RACE) by 2.7% during the 4th quarter, Holdings Channel reports. The fund owned 111,033 shares of the company’s stock after selling 3,034 shares during the period. Douglas Lane & Associates LLC’s holdings in Ferrari were worth $47,171,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. bought a new stake in Ferrari during the 3rd quarter worth approximately $29,000. Planning Capital Management Corp purchased a new position in shares of Ferrari during the 3rd quarter valued at $30,000. Valley Wealth Managers Inc. bought a new position in Ferrari in the 2nd quarter worth $33,000. Ashton Thomas Securities LLC purchased a new stake in Ferrari in the 3rd quarter worth $33,000. Finally, FSC Wealth Advisors LLC bought a new stake in Ferrari during the third quarter valued at about $47,000.

Analyst Ratings Changes

RACE has been the subject of a number of recent analyst reports. StockNews.com lowered Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. raised shares of Ferrari from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $385.00 to $525.00 in a report on Friday, October 11th. Evercore ISI lifted their price objective on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, UBS Group upped their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Price Performance

RACE traded up $5.84 during trading hours on Wednesday, hitting $433.81. The company’s stock had a trading volume of 155,148 shares, compared to its average volume of 215,901. Ferrari has a 12 month low of $330.15 and a 12 month 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. The business’s 50-day moving average price is $439.54 and its 200-day moving average price is $447.54. The stock has a market cap of $80.15 billion, a price-to-earnings ratio of 50.38, a P/E/G ratio of 4.26 and a beta of 0.95.

Ferrari (NYSE:RACE) last announced its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.11 by ($0.03). The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.98 earnings per share. Sell-side analysts expect that Ferrari will post 8.58 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.