Lake Street Advisors Group LLC Trims Stock Holdings in Ferrari (NYSE:RACE)

by · The Cerbat Gem

Lake Street Advisors Group LLC reduced its stake in Ferrari (NYSE:RACE – Free Report) by 19.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,906 shares of the company’s stock after selling 462 shares during the period. Lake Street Advisors Group LLC’s holdings in Ferrari were worth $896,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Jamison Private Wealth Management Inc. increased its stake in Ferrari by 27.2% during the third quarter. Jamison Private Wealth Management Inc. now owns 103 shares of the company’s stock worth $48,000 after purchasing an additional 22 shares during the period. Contravisory Investment Management Inc. increased its stake 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 purchasing an additional 23 shares during the period. First Citizens Bank & Trust Co. increased its stake in Ferrari by 3.3% during the second quarter. First Citizens Bank & Trust Co. now owns 787 shares of the company’s stock worth $321,000 after purchasing an additional 25 shares during the period. Columbia Asset Management increased its stake in Ferrari by 1.8% during the second quarter. Columbia Asset Management now owns 1,425 shares of the company’s stock worth $582,000 after purchasing an additional 25 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Ferrari by 12.5% during the first quarter. EverSource Wealth Advisors LLC now owns 243 shares of the company’s stock worth $101,000 after buying an additional 27 shares during the period.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RACE. StockNews.com lowered shares of Ferrari from a “buy” rating to a “hold” rating in a research note on Wednesday, October 16th. Evercore ISI upped their price target on Ferrari from $475.00 to $565.00 and gave the company an “outperform” rating in a report on Tuesday. Barclays raised Ferrari from an “equal weight” rating to an “overweight” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised Ferrari from a “neutral” rating to an “overweight” rating and upped their price target for the company from $385.00 to $525.00 in a report on Friday, October 11th. Finally, Morgan Stanley upped 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 investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Ferrari currently has a consensus rating of “Moderate Buy” and an average target price of $502.14.

Check Out Our Latest Research Report on RACE

Ferrari Price Performance

NYSE RACE opened at $484.62 on Friday. The company has a quick ratio of 3.32, a current ratio of 4.35 and a debt-to-equity ratio of 1.01. Ferrari has a 1-year low of $296.34 and a 1-year high of $498.23. The business’s 50-day simple moving average is $472.78 and its 200-day simple moving average is $437.17.

Ferrari (NYSE:RACE – Get Free Report) last announced 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. Ferrari had a return on equity of 45.13% and a net margin of 21.84%. The business had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the business posted $1.99 EPS. The company’s revenue was up 16.1% on a year-over-year basis. On average, research analysts anticipate that Ferrari will post 8.65 earnings per share for the current year.

Ferrari Profile

(Free Report)

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.

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