Axa S.A. Lowers Holdings in Ferrari (NYSE:RACE)

Axa S.A. lowered its position in shares of Ferrari (NYSE:RACE) by 2.5% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 638,919 shares of the company’s stock after selling 16,326 shares during the period. Ferrari makes up about 0.8% of Axa S.A.’s portfolio, making the stock its 21st biggest position. Axa S.A.’s holdings in Ferrari were worth $260,915,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in RACE. Contravisory Investment Management Inc. lifted its holdings in Ferrari by 4.6% during the second quarter. Contravisory Investment Management Inc. now owns 518 shares of the company’s stock worth $212,000 after buying an additional 23 shares during the period. First Citizens Bank & Trust Co. boosted its position in Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock valued at $321,000 after purchasing an additional 25 shares in the last quarter. Columbia Asset Management boosted its position in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock valued at $582,000 after purchasing an additional 25 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Ferrari by 12.5% in the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock valued at $101,000 after purchasing an additional 27 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Ferrari by 5.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock worth $240,000 after purchasing an additional 28 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

Ferrari Stock Up 0.2 %

Shares of RACE opened at $477.84 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 4.35 and a quick ratio of 3.32. The company’s fifty day moving average price is $452.45 and its 200-day moving average price is $430.97. Ferrari has a 1-year low of $285.02 and a 1-year high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, August 1st. The company reported $2.29 EPS for the quarter, topping analysts’ consensus estimates 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 firm’s revenue was up 16.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.99 EPS. Sell-side analysts anticipate that Ferrari will post 8.81 EPS for the current year.

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.