Park Avenue Securities LLC Sells 245 Shares of Ferrari (NYSE:RACE)

Park Avenue Securities LLC decreased its holdings in Ferrari (NYSE:RACE) by 6.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,555 shares of the company’s stock after selling 245 shares during the quarter. Park Avenue Securities LLC’s holdings in Ferrari were worth $1,518,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. E Fund Management Hong Kong Co. Ltd. bought a new stake in shares of Ferrari during the 3rd quarter valued at approximately $29,000. Planning Capital Management Corp acquired a new position in shares of Ferrari during the 3rd quarter valued at $30,000. Ashton Thomas Securities LLC acquired a new position in shares of Ferrari during the 3rd quarter valued at $33,000. FSC Wealth Advisors LLC acquired a new position in Ferrari during the third quarter worth $47,000. Finally, Hobbs Group Advisors LLC acquired a new position in Ferrari during the third quarter worth $47,000.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Evercore ISI increased their price target 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. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. upgraded shares of Ferrari from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $385.00 to $525.00 in a report on Friday, October 11th. Finally, UBS Group lifted their target price on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Trading Up 0.7 %

Shares of Ferrari stock opened at $436.17 on Friday. The firm’s 50-day moving average is $434.32 and its 200 day moving average is $447.94. Ferrari has a 1 year low of $330.15 and a 1 year 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 (EPS) 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 the consensus estimate of $1.80 billion. During the same quarter in the prior year, the company posted $1.98 EPS. Ferrari’s revenue was up 6.5% on a year-over-year basis. As a group, equities analysts anticipate that Ferrari will post 8.59 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.