Morse Asset Management Inc Sells 321 Shares of Ferrari (NYSE:RACE)

Morse Asset Management Inc lessened its holdings in Ferrari (NYSE:RACE) by 5.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,156 shares of the company’s stock after selling 321 shares during the period. Morse Asset Management Inc’s holdings in Ferrari were worth $2,106,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in shares of Ferrari by 8.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 112,629 shares of the company’s stock valued at $38,117,000 after purchasing an additional 9,010 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of Ferrari by 4.6% during the fourth quarter. Wells Fargo & Company MN now owns 85,688 shares of the company’s stock worth $28,999,000 after acquiring an additional 3,759 shares during the period. Clearbridge Investments LLC bought a new stake in shares of Ferrari during the fourth quarter worth approximately $2,105,000. Corient Private Wealth LLC grew its position in shares of Ferrari by 27.8% in the fourth quarter. Corient Private Wealth LLC now owns 9,089 shares of the company’s stock valued at $3,067,000 after purchasing an additional 1,978 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in shares of Ferrari during the fourth quarter worth approximately $2,463,000.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. UBS Group lifted their target price on Ferrari from $448.00 to $478.00 and gave the stock a “buy” rating in a report on Monday, June 24th. StockNews.com upgraded shares of Ferrari from a “hold” rating to a “buy” rating in a research note on Monday, August 5th. Finally, Morgan Stanley raised 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. One investment 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $481.67.

Ferrari Stock Performance

RACE opened at $470.56 on Monday. The firm has a market cap of $86.94 billion, a P/E ratio of 60.10, a price-to-earnings-growth ratio of 4.89 and a beta of 1.00. The business’s fifty day moving average is $450.52 and its 200-day moving average is $430.18. Ferrari has a 52-week low of $285.02 and a 52-week high of $498.23. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.32 and a current ratio of 4.35.

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 firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.63 billion. Ferrari had a net margin of 21.84% and a return on equity of 45.13%. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same period last year, the firm earned $1.99 EPS. Sell-side analysts expect that Ferrari will post 8.71 EPS for the current fiscal 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.