Alapocas Investment Partners Inc. Sells 659 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Alapocas Investment Partners Inc. reduced its stake in Ferrari N.V. by 3.1%, selling 659 shares and holding 20,556 shares, making Ferrari its 10th largest investment.
• Ferrari reported a quarterly EPS of $2.70, surpassing analysts' expectations of $2.57, and the company's revenue increased by 4.4% compared to the same quarter last year.
• Several institutional investors, including GW&K Investment Management and Cornerstone Planning Group, significantly increased their holdings in Ferrari during the first quarter, indicating a growing interest in the stock.

Alapocas Investment Partners Inc. cut its holdings in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,556 shares of the company's stock after selling 659 shares during the period. Ferrari makes up 5.4% of Alapocas Investment Partners Inc.'s holdings, making the stock its 10th biggest holding. Alapocas Investment Partners Inc.'s holdings in Ferrari were worth $8,796,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. GW&K Investment Management LLC boosted its holdings in Ferrari by 288.9% during the first quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock worth $30,000 after purchasing an additional 52 shares during the last quarter. Park Square Financial Group LLC bought a new position in Ferrari in the 4th quarter valued at $32,000. Alpine Bank Wealth Management bought a new stake in shares of Ferrari during the 1st quarter worth $33,000. Webster Bank N. A. bought a new stake in shares of Ferrari during the 1st quarter worth $43,000. Finally, Cornerstone Planning Group LLC boosted its holdings in shares of Ferrari by 140.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 101 shares of the company's stock worth $45,000 after buying an additional 59 shares during the last quarter.

Ferrari Trading Up 0.3%

Shares of Ferrari stock opened at $443.05 on Thursday. The company has a 50 day simple moving average of $481.84 and a two-hundred day simple moving average of $464.97. The company has a debt-to-equity ratio of 0.89, a current ratio of 5.09 and a quick ratio of 3.94. The firm has a market cap of $107.39 billion, a PE ratio of 45.72, a PEG ratio of 5.06 and a beta of 1.09. Ferrari N.V. has a 1 year low of $391.54 and a 1 year high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, beating analysts' consensus estimates of $2.57 by $0.13. Ferrari had a return on equity of 45.41% and a net margin of 22.95%. The company had revenue of $2.12 billion for the quarter, compared to analysts' expectations of $2.05 billion. During the same period last year, the firm posted $2.29 EPS. Ferrari's revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts expect that Ferrari N.V. will post 9.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RACE has been the topic of several research reports. Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Cfra Research downgraded Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Royal Bank Of Canada reiterated an "outperform" rating on shares of Ferrari in a research report on Monday. Finally, UBS Group increased their price target on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $526.25.

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.

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