Silvercrest Asset Management Group LLC Lowers Holdings in Ferrari (NYSE:RACE)

Silvercrest Asset Management Group LLC reduced its stake in Ferrari (NYSE:RACE) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,294 shares of the company’s stock after selling 703 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Ferrari were worth $9,719,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. boosted its stake in Ferrari by 37.0% in the 4th quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after purchasing an additional 30 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Ferrari by 0.7% in the first quarter. Sequoia Financial Advisors LLC now owns 4,277 shares of the company’s stock worth $1,865,000 after buying an additional 30 shares in the last quarter. Lorne Steinberg Wealth Management Inc. grew its holdings in shares of Ferrari by 0.3% during the first quarter. Lorne Steinberg Wealth Management Inc. now owns 9,552 shares of the company’s stock valued at $4,164,000 after buying an additional 30 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Ferrari by 2.2% during the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock valued at $629,000 after acquiring an additional 31 shares in the last quarter. Finally, Hexagon Capital Partners LLC increased its position in shares of Ferrari by 16.0% during the first quarter. Hexagon Capital Partners LLC now owns 239 shares of the company’s stock valued at $104,000 after acquiring an additional 33 shares in the last quarter.

Ferrari Trading Down 0.3 %

Shares of NYSE:RACE opened at $410.46 on Wednesday. The firm’s 50 day moving average price is $417.46 and its 200-day moving average price is $408.56. The company has a current ratio of 4.18, a quick ratio of 3.25 and a debt-to-equity ratio of 0.80. Ferrari has a twelve month low of $285.02 and a twelve month high of $442.80.

Ferrari (NYSE:RACE) last released its quarterly earnings results on Tuesday, May 7th. The company reported $2.12 earnings per share for the quarter, topping the consensus estimate of $2.04 by $0.08. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. Research analysts predict that Ferrari will post 8.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on RACE shares. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th. Bank of America increased their price objective on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Sanford C. Bernstein boosted their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. 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 report on Monday, June 24th. Finally, Barclays cut shares of Ferrari from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $461.67.

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.