Park Avenue Securities LLC Sells 442 Shares of Ferrari (NYSE:RACE)

Park Avenue Securities LLC lessened its position in shares of Ferrari (NYSE:RACE) by 8.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,925 shares of the company’s stock after selling 442 shares during the period. Park Avenue Securities LLC’s holdings in Ferrari were worth $2,009,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. IAG Wealth Partners LLC purchased a new position in shares of Ferrari during the 1st quarter valued at $33,000. Register Financial Advisors LLC purchased a new position in shares of Ferrari during the 1st quarter valued at $33,000. Pittenger & Anderson Inc. lifted its holdings in Ferrari by 168.6% during the 1st quarter. Pittenger & Anderson Inc. now owns 94 shares of the company’s stock worth $41,000 after purchasing an additional 59 shares in the last quarter. Spire Wealth Management purchased a new stake in Ferrari during the 1st quarter worth about $46,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new stake in Ferrari during the 1st quarter worth about $48,000.

Ferrari Trading Up 0.3 %

Shares of NYSE:RACE traded up $1.13 on Wednesday, hitting $417.95. The company’s stock had a trading volume of 162,696 shares, compared to its average volume of 273,088. The company has a 50-day simple moving average of $418.15 and a 200 day simple moving average of $411.17. Ferrari has a 1 year low of $285.02 and a 1 year high of $442.80. The company has a debt-to-equity ratio of 0.80, a quick ratio of 3.25 and a current ratio of 4.18.

Ferrari (NYSE:RACE) last announced its quarterly earnings data on Thursday, August 1st. The company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.21 by $0.08. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a return on equity of 45.20% and a net margin of 21.84%. The company’s revenue was up 16.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.99 EPS. As a group, research analysts anticipate that Ferrari will post 8.52 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group increased their price objective on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. StockNews.com raised Ferrari from a “hold” rating to a “buy” rating in a report on Monday. Evercore ISI increased their price objective on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a report on Monday, April 22nd. Finally, Bank of America raised their price target on Ferrari from $458.00 to $512.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.