Ferrari (NYSE:RACE) Stock Position Reduced by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. cut its stake in shares of Ferrari (NYSE:RACE) by 11.6% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,140 shares of the company’s stock after selling 280 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Ferrari were worth $933,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in Ferrari by 37.0% in the fourth quarter. Blue Trust Inc. now owns 111 shares of the company’s stock worth $38,000 after acquiring an additional 30 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in 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 acquiring an additional 30 shares in the last quarter. Lorne Steinberg Wealth Management Inc. grew its position in Ferrari by 0.3% in the first quarter. Lorne Steinberg Wealth Management Inc. now owns 9,552 shares of the company’s stock worth $4,164,000 after acquiring an additional 30 shares in the last quarter. Advisors Asset Management Inc. lifted its stake in shares of Ferrari by 2.2% in the first quarter. Advisors Asset Management Inc. now owns 1,442 shares of the company’s stock worth $629,000 after buying an additional 31 shares during the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in shares of Ferrari by 16.0% in the first quarter. Hexagon Capital Partners LLC now owns 239 shares of the company’s stock worth $104,000 after buying an additional 33 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Bank of America boosted their price objective on shares of Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. UBS Group boosted their price objective 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. Morgan Stanley restated an “overweight” rating and issued a $400.00 price objective on shares of Ferrari in a research note on Monday, April 22nd. Evercore ISI upped their target price on shares of Ferrari from $430.00 to $465.00 and gave the company an “outperform” rating in a research note on Monday, April 22nd. Finally, Jefferies Financial Group began coverage on shares of Ferrari in a research note on Friday, May 10th. They set a “hold” rating and a $403.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $461.67.

Ferrari Stock Performance

Shares of NYSE:RACE opened at $420.96 on Friday. Ferrari has a 12 month low of $285.02 and a 12 month high of $442.80. The company’s 50-day moving average price is $417.57 and its two-hundred day moving average price is $408.68. The company has a debt-to-equity ratio of 0.80, a current ratio of 4.18 and a quick ratio of 3.25.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $2.12 EPS for the quarter, topping analysts’ consensus estimates of $2.04 by $0.08. Ferrari had a net margin of 21.42% and a return on equity of 43.94%. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. On average, sell-side analysts predict that Ferrari will post 8.24 EPS for the current year.

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.