Janney Montgomery Scott LLC Sells 6,381 Shares of Ferrari N.V. $RACE

Key Points

• Janney Montgomery Scott LLC reduced its stake in Ferrari N.V. by 8.0%, selling 6,381 shares and ending up with 73,768 shares valued at $36.2 million.
• Goldman Sachs Group Inc. significantly increased its position in Ferrari by 52.3%, acquiring an additional 781,587 shares to reach a total of 2,277,115 shares worth $974.3 million.
• Ferrari reported earnings of $2.70 per share for the last quarter, exceeding analysts' expectations of $2.57, with a revenue increase of 4.4% year-over-year to $2.12 billion.

Janney Montgomery Scott LLC cut its holdings in Ferrari N.V. (NYSE:RACE - Free Report) by 8.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 73,768 shares of the company's stock after selling 6,381 shares during the quarter. Janney Montgomery Scott LLC's holdings in Ferrari were worth $36,201,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its position in Ferrari by 52.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,277,115 shares of the company's stock valued at $974,332,000 after acquiring an additional 781,587 shares in the last quarter. Groupe la Francaise bought a new position in Ferrari in the 1st quarter worth approximately $238,818,000. Nuveen LLC acquired a new position in Ferrari during the 1st quarter worth $233,200,000. Vanguard Group Inc. boosted its position in Ferrari by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 5,071,130 shares of the company's stock valued at $2,165,683,000 after buying an additional 377,929 shares during the last quarter. Finally, Citigroup Inc. increased its stake in shares of Ferrari by 155.1% in the 1st quarter. Citigroup Inc. now owns 269,862 shares of the company's stock valued at $115,469,000 after buying an additional 164,092 shares during the period.

Ferrari Stock Up 0.5%

Ferrari stock opened at $484.54 on Wednesday. Ferrari N.V. has a fifty-two week low of $391.54 and a fifty-two week high of $519.10. 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 capitalization of $117.44 billion, a price-to-earnings ratio of 50.00, a PEG ratio of 3.88 and a beta of 1.10. The company's 50 day simple moving average is $474.32 and its 200 day simple moving average is $468.39.

Ferrari (NYSE:RACE - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $2.70 earnings per share for the quarter, topping analysts' consensus estimates of $2.57 by $0.13. Ferrari had a net margin of 22.95% and a return on equity of 45.41%. 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 earnings per share. The business's quarterly revenue was up 4.4% compared to the same quarter last year. Ferrari has set its FY 2025 guidance at 9.751- EPS. As a group, sell-side analysts anticipate that Ferrari N.V. will post 9.22 EPS for the current year.

Wall Street Analyst Weigh In

RACE has been the topic of several research reports. Berenberg Bank assumed coverage on Ferrari in a research note on Tuesday, September 16th. They set a "buy" rating on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Ferrari in a research note on Monday, August 4th. Zacks Research downgraded shares of Ferrari from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 29th. Citigroup restated a "sell" rating on shares of Ferrari in a report on Monday, August 11th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Ferrari from a "hold" rating to a "buy" rating in a report on Tuesday, September 2nd. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Ferrari has an average rating of "Moderate Buy" and a consensus target price of $531.67.

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.

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