Envestnet Portfolio Solutions Inc. Sells 3,519 Shares of Ferrari N.V. (NYSE:RACE)

Envestnet Portfolio Solutions Inc. cut its position in shares of Ferrari N.V. (NYSE:RACE - Free Report) by 44.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,473 shares of the company's stock after selling 3,519 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Ferrari were worth $1,912,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of RACE. Park Square Financial Group LLC bought a new stake in Ferrari in the fourth quarter valued at $32,000. Webster Bank N. A. bought a new stake in Ferrari in the first quarter valued at $43,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Ferrari in the first quarter valued at $48,000. Plato Investment Management Ltd bought a new stake in Ferrari in the fourth quarter valued at $53,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Ferrari by 60.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 148 shares of the company's stock valued at $63,000 after acquiring an additional 56 shares during the period.

Analyst Ratings Changes

RACE has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price target on Ferrari from $525.00 to $460.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Wall Street Zen lowered Ferrari from a "buy" rating to a "hold" rating in a research note on Thursday, May 15th. Barclays raised Ferrari from an "equal weight" rating to an "overweight" rating in a research note on Friday, March 28th. Kepler Capital Markets raised Ferrari from a "hold" rating to a "buy" rating in a research note on Friday, March 28th. Finally, UBS Group boosted their price objective on Ferrari from $520.00 to $560.00 and gave the stock a "buy" rating in a research note 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Trading Up 2.5%

Shares of RACE traded up $11.52 during trading hours on Tuesday, hitting $472.60. 442,594 shares of the stock traded hands, compared to its average volume of 341,636. The company has a current ratio of 5.09, a quick ratio of 4.04 and a debt-to-equity ratio of 0.93. Ferrari N.V. has a 1-year low of $391.54 and a 1-year high of $509.13. The firm has a market capitalization of $114.55 billion, a PE ratio of 50.01, a price-to-earnings-growth ratio of 5.35 and a beta of 1.10. The business has a fifty day moving average of $471.75 and a 200-day moving average of $453.27.

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