PICTET BANK & TRUST Ltd Trims Stock Position in Ferrari (NYSE:RACE)

PICTET BANK & TRUST Ltd lessened its stake in Ferrari (NYSE:RACE) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,710 shares of the company’s stock after selling 45 shares during the quarter. Ferrari accounts for about 1.5% of PICTET BANK & TRUST Ltd’s portfolio, making the stock its 24th largest holding. PICTET BANK & TRUST Ltd’s holdings in Ferrari were worth $1,514,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of RACE. Vanguard Group Inc. raised its position in shares of Ferrari by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock worth $1,983,498,000 after acquiring an additional 61,588 shares during the period. Norges Bank purchased a new stake in shares of Ferrari in the fourth quarter valued at approximately $572,523,000. Capital Research Global Investors raised its stake in shares of Ferrari by 3.9% during the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock worth $579,585,000 after buying an additional 49,367 shares during the period. Capital International Investors raised its stake in shares of Ferrari by 314.3% during the 1st quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after buying an additional 791,596 shares during the period. Finally, Capital World Investors lifted its position in shares of Ferrari by 34.3% during the 1st quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after buying an additional 245,872 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RACE shares. Morgan Stanley restated an “overweight” rating and set a $400.00 price objective on shares of Ferrari in a research report on Monday, April 22nd. Sanford C. Bernstein lifted their price target on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research note on Thursday, April 18th. Jefferies Financial Group began coverage on Ferrari in a research note on Friday, May 10th. They issued a “hold” rating and a $403.00 price objective for the company. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group raised their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $461.67.

Ferrari Trading Up 1.2 %

Shares of Ferrari stock traded up $5.58 during mid-day trading on Friday, hitting $459.71. The stock had a trading volume of 316,032 shares, compared to its average volume of 274,855. The firm has a 50-day moving average of $421.79 and a two-hundred day moving average of $415.56. The firm has a market cap of $84.93 billion, a P/E ratio of 58.71, a price-to-earnings-growth ratio of 4.71 and a beta of 0.99. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 12-month low of $285.02 and a 12-month high of $463.00.

Ferrari (NYSE:RACE) last posted its earnings results on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the firm earned $1.99 earnings per share. The firm’s quarterly revenue was up 16.1% compared to the same quarter last year. Sell-side analysts forecast that Ferrari will post 8.66 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.