Ferrari (NYSE:RACE) Shares Sold by Independent Solutions Wealth Management LLC

Independent Solutions Wealth Management LLC cut its position in shares of Ferrari (NYSE:RACE) by 3.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,600 shares of the company’s stock after selling 125 shares during the quarter. Independent Solutions Wealth Management LLC’s holdings in Ferrari were worth $1,692,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Jamison Private Wealth Management Inc. raised its position in shares of Ferrari by 27.2% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after buying an additional 22 shares in the last quarter. Columbia Asset Management boosted its stake in Ferrari by 1.8% during the 2nd 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. Elite Wealth Management Inc. increased its position in shares of Ferrari by 1.0% during the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after purchasing an additional 25 shares during the period. Addison Advisors LLC raised its position in Ferrari by 13.6% in the third quarter. Addison Advisors LLC now owns 217 shares of the company’s stock worth $102,000 after acquiring an additional 26 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in Ferrari by 5.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 588 shares of the company’s stock worth $240,000 after buying an additional 28 shares in the last quarter.

Ferrari Trading Up 0.5 %

RACE traded up $2.19 during midday trading on Thursday, reaching $425.02. 293,382 shares of the company were exchanged, compared to its average volume of 281,361. 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 stock has a market capitalization of $78.52 billion, a P/E ratio of 49.36, a PEG ratio of 4.26 and a beta of 0.95. The stock’s 50-day simple moving average is $453.96 and its 200 day simple moving average is $446.17. Ferrari has a one year low of $330.15 and a one year high of $498.23.

Ferrari (NYSE:RACE) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.11 by ($0.03). The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.80 billion. Ferrari had a net margin of 22.16% and a return on equity of 44.67%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.98 EPS. As a group, analysts forecast that Ferrari will post 8.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

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.