Ferrari N.V. (NYSE:RACE) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its holdings in Ferrari N.V. by 7.1% during the first quarter, selling 775 shares and retaining a total of 10,105 shares valued at approximately $4.31 million.
• Several other hedge funds also adjusted their positions in Ferrari, with notable increases from American Century Companies Inc. and Franklin Resources Inc., raising their stakes by 11.5% and 13.8%, respectively.
• Ferrari's stock recently traded at $438.82 and showed a 0.6% increase, while analysts have mixed ratings, with a current consensus of "Moderate Buy" and an average price target of $526.25.

Federated Hermes Inc. lowered its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,105 shares of the company's stock after selling 775 shares during the period. Federated Hermes Inc.'s holdings in Ferrari were worth $4,310,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of RACE. GW&K Investment Management LLC boosted its stake in shares of 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 purchasing an additional 52 shares in the last quarter. Park Square Financial Group LLC bought a new stake in Ferrari during the 4th quarter valued at $32,000. Alpine Bank Wealth Management bought a new stake in Ferrari during the 1st quarter valued at $33,000. Webster Bank N. A. bought a new stake in Ferrari during the 1st quarter valued at $43,000. Finally, Cornerstone Planning Group LLC raised its holdings in Ferrari by 140.5% during 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 last quarter.

Ferrari Price Performance

Shares of RACE traded up $4.33 during mid-day trading on Tuesday, reaching $442.65. The stock had a trading volume of 821,202 shares, compared to its average volume of 499,795. The firm has a market cap of $107.29 billion, a price-to-earnings ratio of 45.68, a PEG ratio of 5.02 and a beta of 1.09. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. Ferrari N.V. has a 12 month low of $391.54 and a 12 month high of $519.10. The business has a fifty day moving average of $483.28 and a 200 day moving average of $465.28.

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

Analysts Set New Price Targets

Several research analysts have commented on RACE shares. Wall Street Zen lowered shares of Ferrari from a "buy" rating to a "hold" rating in a report on Thursday, May 15th. Cfra Research downgraded shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Finally, UBS Group upped their target price on shares of Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Ferrari currently has a consensus rating of "Moderate Buy" and a consensus target price of $526.25.

Ferrari 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.