Baillie Gifford & Co. Sells 900,451 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Baillie Gifford & Co. decreased its holdings in Ferrari N.V. by 16.3%, selling 900,451 shares, which leaves them with a total of 4,623,463 shares representing approximately 1.7% of their portfolio.
• Despite the recent share sale, Ferrari's stock price is currently around $515.86, down 0.3%, with a market capitalization of $125.03 billion and a P/E ratio of 54.59.
• Ferrari reported earnings of $2.42 per share, surpassing analyst estimates and showing a 13.0% increase in revenue compared to the same quarter last year.

Baillie Gifford & Co. lowered its stake in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 16.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,623,463 shares of the company's stock after selling 900,451 shares during the quarter. Ferrari comprises approximately 1.7% of Baillie Gifford & Co.'s holdings, making the stock its 15th largest holding. Baillie Gifford & Co. owned 1.91% of Ferrari worth $1,958,751,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GW&K Investment Management LLC increased its holdings in Ferrari by 288.9% in the 1st quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock valued at $30,000 after buying an additional 52 shares during the period. Park Square Financial Group LLC bought a new stake in Ferrari in the 4th quarter valued at $32,000. Alpine Bank Wealth Management bought a new stake in Ferrari in the 1st quarter valued at $33,000. Webster Bank N. A. bought a new stake in Ferrari in the 1st quarter valued at $43,000. Finally, Cornerstone Planning Group LLC increased its holdings in Ferrari by 140.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 101 shares of the company's stock valued at $45,000 after buying an additional 59 shares during the period.

Ferrari Trading Up 0.2%

Shares of RACE stock traded up $0.93 on Tuesday, reaching $508.24. The company had a trading volume of 124,953 shares, compared to its average volume of 398,838. The company has a current ratio of 5.09, a quick ratio of 4.04 and a debt-to-equity ratio of 0.93. The stock has a market cap of $123.19 billion, a PE ratio of 53.78, a PEG ratio of 5.67 and a beta of 1.09. The company has a 50-day moving average of $485.63 and a 200-day moving average of $464.03. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $2.42 EPS for the quarter, beating analysts' consensus estimates of $2.36 by $0.06. The company had revenue of $1.94 billion during the quarter, compared to analysts' expectations of $1.82 billion. Ferrari had a return on equity of 46.46% and a net margin of 23.00%. Ferrari's revenue was up 13.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.95 EPS. On average, equities analysts forecast that Ferrari N.V. will post 9.22 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RACE shares. Wall Street Zen downgraded shares of Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. UBS Group boosted their target price on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus 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.