Assenagon Asset Management S.A. Cuts Holdings in Ferrari (NYSE:RACE)

Assenagon Asset Management S.A. lowered its stake in Ferrari (NYSE:RACE - Free Report) by 49.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,843 shares of the company's stock after selling 46,841 shares during the period. Assenagon Asset Management S.A.'s holdings in Ferrari were worth $20,874,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RACE. Kestra Private Wealth Services LLC grew its position in Ferrari by 7.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 2,839 shares of the company's stock worth $1,206,000 after acquiring an additional 205 shares in the last quarter. Savant Capital LLC lifted its stake in Ferrari by 26.0% in the fourth quarter. Savant Capital LLC now owns 563 shares of the company's stock worth $239,000 after purchasing an additional 116 shares during the last quarter. Marks Group Wealth Management Inc lifted its stake in Ferrari by 16.1% in the fourth quarter. Marks Group Wealth Management Inc now owns 1,822 shares of the company's stock worth $774,000 after purchasing an additional 253 shares during the last quarter. Allworth Financial LP lifted its stake in Ferrari by 35.1% in the fourth quarter. Allworth Financial LP now owns 327 shares of the company's stock worth $141,000 after purchasing an additional 85 shares during the last quarter. Finally, Pittenger & Anderson Inc. lifted its stake in Ferrari by 53.2% in the fourth quarter. Pittenger & Anderson Inc. now owns 144 shares of the company's stock worth $61,000 after purchasing an additional 50 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RACE. JPMorgan Chase & Co. decreased their price objective on shares of Ferrari from $525.00 to $460.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. UBS Group raised their price objective on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Wall Street Zen downgraded shares of Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Barclays raised shares of Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Finally, Kepler Capital Markets raised shares of Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $526.25.

Ferrari Trading Up 0.3%

Shares of Ferrari stock traded up $1.55 on Monday, hitting $464.99. 256,112 shares of the company traded hands, compared to its average volume of 339,722. The stock's 50 day moving average price is $467.92 and its 200-day moving average price is $452.65. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. Ferrari has a 52 week low of $391.54 and a 52 week high of $509.13. The company has a market cap of $112.70 billion, a PE ratio of 50.82, a PEG ratio of 4.43 and a beta of 1.10.

Ferrari (NYSE:RACE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 earnings per share for the quarter, beating the consensus estimate of $2.36 by $0.06. Ferrari had a net margin of 22.81% and a return on equity of 46.69%. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter in the previous year, the firm posted $1.95 earnings per share. The company's revenue was up 13.0% on a year-over-year basis. Equities research analysts predict that Ferrari will post 9.22 EPS for the current year.

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.