Highland Capital Management LLC Lowers Stock Holdings in Ferrari (NYSE:RACE)

Highland Capital Management LLC lessened its holdings in Ferrari (NYSE:RACE) by 3.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 5,600 shares of the company’s stock after selling 200 shares during the quarter. Highland Capital Management LLC’s holdings in Ferrari were worth $2,287,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of RACE. International Assets Investment Management LLC purchased a new stake in Ferrari during the 4th quarter valued at approximately $480,000. CWM LLC boosted its holdings in shares of Ferrari by 9.5% during the 4th quarter. CWM LLC now owns 530 shares of the company’s stock valued at $179,000 after purchasing an additional 46 shares during the last quarter. Linden Thomas Advisory Services LLC purchased a new position in shares of Ferrari during the fourth quarter valued at about $222,000. Yousif Capital Management LLC grew its position in shares of Ferrari by 6.9% during the fourth quarter. Yousif Capital Management LLC now owns 3,420 shares of the company’s stock valued at $1,157,000 after purchasing an additional 220 shares in the last quarter. Finally, Syon Capital LLC increased its holdings in shares of Ferrari by 54.2% in the fourth quarter. Syon Capital LLC now owns 1,070 shares of the company’s stock worth $362,000 after purchasing an additional 376 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RACE shares. UBS Group increased their price target on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a research note on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group started coverage on shares of Ferrari in a research report on Friday, May 10th. They set a “hold” rating and a $403.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $461.67.

Ferrari Trading Down 0.5 %

Shares of RACE stock traded down $2.63 during trading hours on Monday, reaching $481.31. 7,243 shares of the stock were exchanged, compared to its average volume of 273,495. The firm has a market capitalization of $88.92 billion, a price-to-earnings ratio of 61.81, a price-to-earnings-growth ratio of 4.85 and a beta of 0.99. Ferrari has a 12-month low of $285.02 and a 12-month high of $484.26. The company’s 50-day moving average price is $427.61 and its 200-day moving average price is $419.82. 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 (NYSE:RACE) last announced its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (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 business had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the previous year, the business earned $1.99 earnings per share. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, equities analysts anticipate that Ferrari will post 8.71 earnings per share 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.