Metis Global Partners LLC Sells 253 Shares of Ferrari (NYSE:RACE)

Metis Global Partners LLC reduced its stake in Ferrari (NYSE:RACE) by 6.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,407 shares of the company’s stock after selling 253 shares during the period. Metis Global Partners LLC’s holdings in Ferrari were worth $1,592,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of RACE. Rothschild Investment LLC bought a new position in Ferrari in the second quarter worth approximately $29,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Ferrari during the 3rd quarter worth $29,000. Planning Capital Management Corp purchased a new position in shares of Ferrari during the third quarter valued at $30,000. Valley Wealth Managers Inc. bought a new stake in shares of Ferrari in the second quarter valued at about $33,000. Finally, Ashton Thomas Securities LLC purchased a new stake in Ferrari in the third quarter worth about $33,000.

Ferrari Price Performance

Shares of NYSE RACE opened at $430.99 on Friday. Ferrari has a fifty-two week low of $330.15 and a fifty-two week high of $498.23. The company has a market cap of $79.63 billion, a PE ratio of 50.06, a P/E/G ratio of 4.62 and a beta of 0.99. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The business has a 50-day simple moving average of $466.22 and a two-hundred day simple moving average of $442.00.

Ferrari (NYSE:RACE) last released its earnings results on Tuesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a return on equity of 44.67% and a net margin of 22.16%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same period in the prior year, the firm posted $1.98 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, equities analysts expect that Ferrari will post 8.75 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RACE. Morgan Stanley boosted their price target on shares of Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Evercore ISI upped their target price on Ferrari from $475.00 to $565.00 and gave the stock an “outperform” rating in a report on Tuesday, October 22nd. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $385.00 to $525.00 in a research note on Friday, October 11th. Finally, UBS Group lifted their target price on Ferrari from $478.00 to $513.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ferrari presently has an average rating of “Moderate Buy” and an average target price of $507.14.

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.