HighTower Advisors LLC Sells 2,118 Shares of Ferrari (NYSE:RACE)

HighTower Advisors LLC cut its holdings in Ferrari (NYSE:RACE) by 9.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,461 shares of the company’s stock after selling 2,118 shares during the quarter. HighTower Advisors LLC’s holdings in Ferrari were worth $10,021,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Jennison Associates LLC increased its position in Ferrari by 910.1% during the 3rd quarter. Jennison Associates LLC now owns 2,926,616 shares of the company’s stock valued at $1,368,622,000 after purchasing an additional 2,636,869 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Ferrari by 47,023.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock valued at $5,551,600,000 after purchasing an additional 1,178,410 shares in the last quarter. Marshall Wace LLP increased its position in shares of Ferrari by 108.4% during the second quarter. Marshall Wace LLP now owns 887,108 shares of the company’s stock valued at $361,961,000 after buying an additional 461,409 shares during the period. BNP Paribas Financial Markets raised its stake in Ferrari by 89.9% in the third quarter. BNP Paribas Financial Markets now owns 220,418 shares of the company’s stock worth $103,621,000 after buying an additional 104,366 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Ferrari by 904.5% in the third quarter. Assenagon Asset Management S.A. now owns 110,565 shares of the company’s stock worth $51,968,000 after buying an additional 99,558 shares during the period.

Ferrari Trading Up 2.9 %

Shares of NYSE RACE opened at $458.44 on Monday. The company has a market cap of $84.70 billion, a PE ratio of 53.25, a P/E/G ratio of 4.18 and a beta of 0.95. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.55 and a current ratio of 4.57. The firm’s 50 day moving average price is $456.07 and its 200-day moving average price is $444.66. Ferrari has a 52-week low of $330.15 and a 52-week high of $498.23.

Ferrari (NYSE:RACE) last issued its earnings results on Tuesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.11 by ($0.03). Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.80 billion. During the same quarter in the prior year, the business posted $1.98 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities research analysts expect that Ferrari will post 8.58 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on RACE shares. JPMorgan Chase & Co. upgraded Ferrari from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $385.00 to $525.00 in a report on Friday, October 11th. StockNews.com downgraded Ferrari from a “buy” rating to a “hold” rating in a report on Wednesday, October 16th. Evercore ISI boosted their target price on shares of Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday, October 22nd. Morgan Stanley increased their price target on shares of Ferrari from $400.00 to $520.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 27th. Finally, UBS Group boosted their price objective on shares of Ferrari from $478.00 to $513.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $507.14.

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.