Symmetry Investments LP Cuts Position in Ferrari (NYSE:RACE)

Symmetry Investments LP reduced its stake in shares of Ferrari (NYSE:RACE) by 33.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,000 shares of the company’s stock after selling 4,100 shares during the period. Symmetry Investments LP’s holdings in Ferrari were worth $3,267,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Rothschild Investment LLC purchased a new stake in Ferrari during the second quarter worth about $29,000. Register Financial Advisors LLC acquired a new stake in shares of Ferrari in the 1st quarter worth approximately $33,000. Valley Wealth Managers Inc. purchased a new position in Ferrari in the 2nd quarter valued at approximately $33,000. Denver PWM LLC acquired a new position in Ferrari during the second quarter worth $35,000. Finally, Pittenger & Anderson Inc. boosted its position in Ferrari by 168.6% during the first quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. UBS Group lifted their target price on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Morgan Stanley increased their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a research report on Tuesday, August 27th. Finally, Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One equities research 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, Ferrari currently has an average rating of “Moderate Buy” and a consensus price target of $481.67.

Ferrari Price Performance

Shares of RACE opened at $470.56 on Friday. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. Ferrari has a fifty-two week low of $285.02 and a fifty-two week high of $498.23. The stock has a fifty day moving average of $450.52 and a two-hundred day moving average of $429.95.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The company had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the company posted $1.99 earnings per share. The firm’s revenue was up 16.1% compared to the same quarter last year. Equities research analysts forecast that Ferrari will post 8.71 earnings per share for the current fiscal year.

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.