Jupiter Asset Management Ltd. Sells 83,331 Shares of Ferrari N.V. (NYSE:RACE)

Key Points

• Jupiter Asset Management Ltd. reduced its holdings in Ferrari N.V. by 75.9%, selling 83,331 shares and now owning 26,496 shares valued at approximately $11.2 million.
• Several institutional investors also adjusted their positions, with firms like Sound View Wealth Advisors and Garde Capital increasing their stakes in Ferrari during the first quarter.
• Analyst ratings show a mixed sentiment, with Wall Street Zen downgrading Ferrari to a "hold" while UBS Group raised its price target, indicating a consensus rating of "Moderate Buy" with a target price of $526.25.

Jupiter Asset Management Ltd. decreased its position in Ferrari N.V. (NYSE:RACE - Free Report) by 75.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,496 shares of the company's stock after selling 83,331 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in Ferrari were worth $11,225,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RACE. GW&K Investment Management LLC increased its position in shares of Ferrari by 288.9% in the first quarter. GW&K Investment Management LLC now owns 70 shares of the company's stock valued at $30,000 after acquiring an additional 52 shares during the period. Park Square Financial Group LLC purchased a new position in shares of Ferrari in the fourth quarter valued at about $32,000. Alpine Bank Wealth Management purchased a new position in shares of Ferrari in the first quarter valued at about $33,000. Webster Bank N. A. purchased a new position in shares of Ferrari in the first quarter valued at about $43,000. Finally, Cornerstone Planning Group LLC increased its position in shares of Ferrari by 140.5% in the first quarter. Cornerstone Planning Group LLC now owns 101 shares of the company's stock valued at $45,000 after acquiring an additional 59 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. UBS Group boosted their price objective on shares of Ferrari from $520.00 to $560.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Cfra Research cut shares of Ferrari from a "hold" rating to a "moderate sell" rating in a research report on Thursday, July 31st. Finally, Wall Street Zen cut shares of Ferrari from a "buy" rating to a "hold" rating in a research report on Thursday, May 15th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $526.25.

Ferrari Stock Up 1.8%

Shares of Ferrari stock traded up $8.02 during midday trading on Tuesday, hitting $446.34. The company had a trading volume of 218,863 shares, compared to its average volume of 422,575. The company has a debt-to-equity ratio of 0.89, a quick ratio of 3.94 and a current ratio of 5.09. The stock has a market capitalization of $108.18 billion, a P/E ratio of 46.00, a P/E/G ratio of 4.99 and a beta of 1.09. The company has a 50 day moving average of $483.28 and a 200 day moving average of $465.28. Ferrari N.V. has a 52-week low of $391.54 and a 52-week high of $519.10.

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

About Ferrari

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.