HBK Sorce Advisory LLC Buys 122 Shares of Ferrari (NYSE:RACE)

HBK Sorce Advisory LLC grew its stake in shares of Ferrari (NYSE:RACE) by 18.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 788 shares of the company’s stock after buying an additional 122 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Ferrari were worth $344,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Whittier Trust Co. boosted its holdings in shares of Ferrari by 15.7% during the fourth quarter. Whittier Trust Co. now owns 2,516 shares of the company’s stock worth $851,000 after purchasing an additional 341 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Ferrari by 77.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 487 shares of the company’s stock worth $165,000 after purchasing an additional 213 shares during the period. Contravisory Investment Management Inc. purchased a new stake in shares of Ferrari during the fourth quarter worth about $173,000. Redhawk Wealth Advisors Inc. lifted its holdings in Ferrari by 2.8% in the fourth quarter. Redhawk Wealth Advisors Inc. now owns 4,128 shares of the company’s stock worth $1,397,000 after buying an additional 113 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in Ferrari by 56.3% in the fourth quarter. SG Americas Securities LLC now owns 1,346 shares of the company’s stock worth $456,000 after buying an additional 485 shares during the period.

Wall Street Analysts Forecast Growth

RACE has been the subject of several recent research reports. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Jefferies Financial Group assumed coverage on shares of Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 price target for the company. Barclays downgraded shares of Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Thursday, April 4th. UBS Group raised their price target on shares of Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research report on Monday, June 24th. Finally, Morgan Stanley reissued an “overweight” rating and set a $400.00 price target on shares of Ferrari in a research report on Monday, April 22nd. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $461.67.

Ferrari Stock Performance

RACE stock traded down $6.12 during mid-day trading on Friday, hitting $416.31. The company had a trading volume of 102,640 shares, compared to its average volume of 271,861. The company has a 50-day moving average price of $417.34 and a 200 day moving average price of $403.56. Ferrari has a 12-month low of $285.02 and a 12-month high of $442.80. The company has a quick ratio of 3.25, a current ratio of 4.18 and a debt-to-equity ratio of 0.80.

Ferrari (NYSE:RACE) last posted its earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The firm had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. On average, research analysts predict that Ferrari will post 8.2 EPS for the current 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.