Ferrari (NYSE:RACE) Shares Sold by Garrison Point Advisors LLC

Garrison Point Advisors LLC lessened its holdings in shares of Ferrari (NYSE:RACE) by 4.7% in the second quarter, Holdings Channel reports. The firm owned 610 shares of the company’s stock after selling 30 shares during the period. Garrison Point Advisors LLC’s holdings in Ferrari were worth $249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Freemont Management S.A. increased its position in Ferrari by 57.9% during the 2nd quarter. Freemont Management S.A. now owns 30,000 shares of the company’s stock worth $12,251,000 after purchasing an additional 11,000 shares in the last quarter. Choreo LLC acquired a new stake in Ferrari during the 2nd quarter worth approximately $1,962,000. Prudential PLC boosted its holdings in Ferrari by 158.6% in the 2nd quarter. Prudential PLC now owns 7,452 shares of the company’s stock worth $3,040,000 after acquiring an additional 4,570 shares during the period. PFG Investments LLC boosted its holdings in Ferrari by 22.0% in the 2nd quarter. PFG Investments LLC now owns 4,620 shares of the company’s stock worth $1,886,000 after acquiring an additional 833 shares during the period. Finally, X Square Capital LLC boosted its holdings in Ferrari by 202.0% in the 2nd quarter. X Square Capital LLC now owns 1,510 shares of the company’s stock worth $617,000 after acquiring an additional 1,010 shares during the period.

Ferrari Price Performance

Ferrari stock opened at $467.05 on Wednesday. The company has a current ratio of 4.35, a quick ratio of 3.32 and a debt-to-equity ratio of 1.01. The stock has a 50 day moving average of $444.03 and a 200-day moving average of $427.48. Ferrari has a 52 week low of $285.02 and a 52 week high of $498.23.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on RACE shares. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a report on Monday, August 5th. UBS Group upped their price target on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. Barclays upgraded Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. Finally, Morgan Stanley upped their price target on Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, August 27th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.