Beck Bode LLC Lowers Stake in Ferrari (NYSE:RACE)

Beck Bode LLC cut its stake in Ferrari (NYSE:RACE) by 5.2% during the second quarter, HoldingsChannel reports. The firm owned 2,632 shares of the company’s stock after selling 143 shares during the period. Beck Bode LLC’s holdings in Ferrari were worth $1,075,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its position in shares of Ferrari by 3,806.5% during the second quarter. Blue Trust Inc. now owns 1,211 shares of the company’s stock worth $528,000 after acquiring an additional 1,180 shares during the period. Logan Capital Management Inc. increased its holdings in Ferrari by 1.9% during the 4th quarter. Logan Capital Management Inc. now owns 4,668 shares of the company’s stock worth $1,580,000 after purchasing an additional 87 shares during the period. Raymond James & Associates raised its position in Ferrari by 1.3% during the 2nd quarter. Raymond James & Associates now owns 50,247 shares of the company’s stock valued at $20,519,000 after purchasing an additional 655 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Ferrari by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 4,488,346 shares of the company’s stock worth $1,518,991,000 after buying an additional 46,938 shares during the period. Finally, Jennison Associates LLC grew its position in shares of Ferrari by 10.5% during the 1st quarter. Jennison Associates LLC now owns 266,608 shares of the company’s stock worth $116,225,000 after buying an additional 25,228 shares in the last quarter.

Ferrari Stock Performance

Shares of RACE stock opened at $462.86 on Wednesday. The business has a fifty day moving average of $448.45 and a 200 day moving average of $429.05. Ferrari has a 1 year low of $285.02 and a 1 year high of $498.23. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The firm has a market capitalization of $85.51 billion, a price-to-earnings ratio of 59.11, a price-to-earnings-growth ratio of 4.98 and a beta of 1.00.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.08. The company had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. Ferrari’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.99 EPS. As a group, research analysts expect that Ferrari will post 8.71 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on RACE shares. UBS Group lifted their price objective on Ferrari from $448.00 to $478.00 and gave the company a “buy” rating in a report on Monday, June 24th. Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. Morgan Stanley upped their price objective on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $481.67.

About Ferrari

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.