Ferrari (NYSE:RACE) Shares Sold by Parallel Advisors LLC

Parallel Advisors LLC lessened its position in Ferrari (NYSE:RACE) by 8.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,235 shares of the company’s stock after selling 117 shares during the period. Parallel Advisors LLC’s holdings in Ferrari were worth $504,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RACE. Capital International Investors raised its position in shares of Ferrari by 314.3% in the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock valued at $454,792,000 after buying an additional 791,596 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Ferrari by 6,024.9% in the first quarter. Clearbridge Investments LLC now owns 380,910 shares of the company’s stock valued at $166,054,000 after buying an additional 374,691 shares during the last quarter. Capital World Investors raised its position in shares of Ferrari by 34.3% in the first quarter. Capital World Investors now owns 962,583 shares of the company’s stock valued at $419,547,000 after buying an additional 245,872 shares during the last quarter. Capital International Inc. CA raised its position in shares of Ferrari by 207.3% in the first quarter. Capital International Inc. CA now owns 237,277 shares of the company’s stock valued at $103,419,000 after buying an additional 160,055 shares during the last quarter. Finally, Sands Capital Management LLC raised its position in shares of Ferrari by 151.1% in the fourth quarter. Sands Capital Management LLC now owns 220,795 shares of the company’s stock valued at $74,724,000 after buying an additional 132,851 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have recently weighed in on RACE. StockNews.com raised shares of Ferrari from a “hold” rating to a “buy” rating in a research report on Monday, August 5th. Morgan Stanley upped their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 27th. UBS Group upped their price target on shares of Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a research report on Monday, June 24th. Finally, Barclays raised shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $481.67.

Ferrari Price Performance

Ferrari stock opened at $462.86 on Wednesday. Ferrari has a 52-week low of $285.02 and a 52-week high of $498.23. The firm has a fifty day moving average of $448.45 and a 200-day moving average of $429.05. The firm has a market capitalization of $85.51 billion, a P/E ratio of 59.11, a PEG ratio of 4.98 and a beta of 1.00. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Ferrari (NYSE:RACE) last released its quarterly earnings data on Thursday, August 1st. The company reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.08. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The company had revenue of $1.71 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the business earned $1.99 earnings per share. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. As a group, analysts predict that Ferrari will post 8.71 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.