PDS Planning Inc Trims Stock Holdings in Ferrari (NYSE:RACE)

PDS Planning Inc reduced its stake in Ferrari (NYSE:RACE) by 25.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 562 shares of the company’s stock after selling 189 shares during the quarter. PDS Planning Inc’s holdings in Ferrari were worth $264,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RACE. Vanguard Group Inc. grew its stake in shares of Ferrari by 1.4% in the first quarter. Vanguard Group Inc. now owns 4,549,934 shares of the company’s stock valued at $1,983,498,000 after buying an additional 61,588 shares in the last quarter. Capital Research Global Investors boosted its holdings in Ferrari by 3.9% during the 1st quarter. Capital Research Global Investors now owns 1,329,714 shares of the company’s stock valued at $579,585,000 after acquiring an additional 49,367 shares during the period. Legal & General Group Plc grew its position in Ferrari by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 1,256,482 shares of the company’s stock valued at $512,660,000 after acquiring an additional 30,014 shares in the last quarter. International Assets Investment Management LLC increased its stake in Ferrari by 47,023.5% during the third quarter. International Assets Investment Management LLC now owns 1,180,916 shares of the company’s stock worth $5,551,600,000 after purchasing an additional 1,178,410 shares during the period. Finally, Capital International Investors lifted its position in shares of Ferrari by 314.3% during the first quarter. Capital International Investors now owns 1,043,423 shares of the company’s stock worth $454,792,000 after purchasing an additional 791,596 shares in the last quarter.

Ferrari Price Performance

Shares of NYSE RACE opened at $476.05 on Tuesday. The stock has a fifty day moving average price of $474.01 and a 200 day moving average price of $440.68. Ferrari has a 1-year low of $330.15 and a 1-year high of $498.23. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on RACE shares. Barclays upgraded shares of Ferrari from an “equal weight” rating to an “overweight” rating in a research note on Friday, August 2nd. StockNews.com downgraded shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI raised their price objective 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 target price on Ferrari from $400.00 to $520.00 and gave the company an “overweight” rating in a report on Tuesday, August 27th. Finally, JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $385.00 to $525.00 in a report on Friday, October 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $502.14.

Ferrari Company 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.